The state of New York and some of its municipalities cannot afford to make required payments to the state pension fund so they are borrowing the money to do so:
ALBANY — Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.
And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.
Yep, that’s right. They will borrow from the pension fund so they can make their payments to the pension fund. Just a hint guys but when you are borrowing from your Visa to make your Visa payments, you are in deep trouble. Just get it over with and file bankruptcy.