As expected, a debt ceiling deal has been reached between Democrats and Republicans. The plan will raise the debt ceiling by $2.4 trillion through the end of 2012 and calls for $2.4 trillion in deficit reduction. President Obama made the announcement at 8:40 p.m, "This will allow us to avoid default, allow us to pay our bills," but pointed out that the plan needs to get passed, "We are not done yet. I urge members to do the right thing and support this deal with your vote." more ›

Republican gubernatorial candidate Carl Paladino has had some notable missteps lately, but he was back to his signature Albany-sucks rhetoric when discussing how he'd shape up the state's finances. He told the NY Times he'd shut down the government if the state budget is late, "I’m not part of the friends-and-family club; I’m not part of the pay-to-play club; I’m not looking to get re-elected. I’m not looking to go to another office and fill my campaign coffers. I don’t need any friends in Albany except the people of the state." more ›

At least new Deputy Mayor Stephen Goldsmith is doing his job. Just a few months after being hired by the Bloomberg Administration, Goldsmith has discovered that the city is extremely inefficient! He has found at least $500 million a year worth of wasteful spending, including paying for an outdated time sheet system and at least 8,000 unused desks. more ›

Some Jews think Bar Mitzvah party spending has gotten way too decadent, but maybe they're just jealous of little Carly Sandler, who made her Bat Mitzvah party entrance from the ceiling of Cipriani Wall Street, harnessed to a wire and dressed in a catsuit. According to the Post, she was then "serenaded by Jon Bon Jovi for 45 minutes—to the point where she was rolling her eyes at her mother, wondering when the aging rock star would cede the stage back to her and her girlfriends." "My husband did well that year and he was proud of himself, and he wanted to throw a huge party," her mother Liza Sandler tells the tabloid. more ›

Influential democrat Gregory Meeks says his bank account is hovering near empty, but if that’s the case why is he spending nights at the Ritz Carlton? A Times piece exposed the Congressman’s considerable expenses which, in addition to pricey hotel stays, include a Lexus leased by the government (for $1,000/month), meals at trendy restaurants and a $1 million home in Queens built by a campaign contributor. “When it was getting built, I thought it was going to be four houses,” said a neighbor. more ›

A new campaign finance report shows that Mayor Bloomberg spent a whopping $108 million to beat Bill Thompson in his third-term election. Bloomberg ran the most expensive personally-financed campaign in U.S. history, spending twelve times as much as his opponent. Of the campaign tab, large chunks of money went to rather unexpected places. And not just pizza! more ›

Goldman Sachs has caught the public's eye in recent weeks thanks to record profits and damning exposes about the bank's historic role in the economy's boom and bust cycle. Oh, and the pedophilia. Like many rich and powerful institutions, Goldman doesn't appreciate the attention, coming as it does as tent cities and soaring unemployment are turning the nation into a Dickens novel by way of Mad Max. An employee tells the Post that CEO Lloyd Blankfein has been urging his employees to avoid any high-profile purchases: "This is a sensitive time for us, and [Blankfein] wants to make sure that we're not being seen living high on the hog." While it's probably wise to postpone buying that diamond-encrusted office bidet for now, isn't this kind of bad news for the city economy? What happened to trickle-down economics? How much longer does the service industry—the chauffeurs, the naked sushi models, the bidet installers—have to wait for conspicuous consumption to come back in style? more ›

Yesterday, the Daily News went after the city's five borough presidents with an article titled, "Borough presidents spend our tax bucks but New Yorkers get little back": "In the last two years, they've plowed through more than $450 million in taxpayer money, in some cases buying items that appear to fall outside the realm of their limited duties, the Daily News found. The bulk of the money goes for construction of pet projects - while the rest covers salaries, drivers for four of the five, glossy promotional brochures and magazines, photo equipment and things like $400 chairs, $5,000 for drapes and thousands more for pictures and videos." The News also drills down with some spending details for each one—Brooklyn BP Marty Markowitz, former Bronx BP Adolfo Carrion Jr., Manhattan BP Scott Stringer, Queens BP Helen Marshall and Staten Island BP James Molinaro. Government watchdog group Citizens Union's Dick Dadey tells the News the Beep position (which pays $160,000/year) "should be abolished or it should be strengthened. I'm not confident that the way the office is currently constructed has proved to be effective." Last fall, the Post looked at the Beeps' schedules. more ›

Governor David Paterson was in Washington D.C. yesterday, along with other governors meeting with President Obama to discuss what the states will get from the federal stimulus package. NY State got $24.6 billion of the $787 billion package, and Paterson announced the first projects that will benefit—eleven upstate roads projects, like "Replacement of the I-86 Bridge over Rte. 415 in the Town of Erwin, Steuben County" and "Culvert repairs in Jefferson and St. Lawrence counties," which are "shovel-ready." more ›

How does Brooklyn Borough President Marty Markowitz spend $6,000 of campaign cash? On Jacques Torres fine chocolates, of course. The NY Post reports that Marty, who is running for re-election this year, laid down all that dough for "staff gifts and gift bags" in December 2007. One watchdog group told the paper that the spending "illustrates yet again the laxity of oversight and guidance the New York law provides for what is and is not an appropriate campaign expense"—but the BBP says: "not a single penny of public funds was used to purchase them." Maybe Marty should get the Brooklyn shop to make chocolate-molded Marty pops for his campaign season. more ›

The New York State Legislature finally passed a budget two weeks ago, which it balanced by taking on extra debt without the approval of voters to fund a 6% increase in spending as revenues continue to shrink. State Comptroller Thomas DiNapoli says New York is heading for trouble, especially since revenue projections are so uncertain and vulnerable to further economic downturn. more ›

The Federal Reserve Board may be sending distress signals about a “prolonged and severe economic downturn,” but ultrarich individuals like hedge fund manager Lee Tachman aren’t sweating it; the 38-year-old Tachman just spent $50,000 on a four day vacation to Miami with three of his bros. According to a ‘Happy Monday’ article in the Times, Tachman’s crew rolled with a “private jet, helicopter, Hummer limousine, Ferraris and Lamborghinis; stayed in V.I.P. rooms at Casa Casuarina, the South Beach hotel that was formerly Gianni Versace’s mansion; and played 'extreme adventure paintball' with former agents of the DEA.” more ›

Last month, New York City kicked off a big global advertising campaign to attract more tourists to the Big Apple. The ads appear in a number of venues, and the Post notes that media space has been bought in Out magazine and on the LOGO network, as well as LGBT websites. A Bloomberg administration official explains that gay and lesbians have more disposable income, as they are usually dual-income without kids, "What we're saying... more ›

With the MTA's vote whether to raise subway and bus fares coming in less than three weeks, speculation is running high about what will happen. Even though Governor Spitzer said that the base subway and bus fare will remain $2, unlimited Metrocard fares - which 85% of riders use - will rise. The MTA has insisted the fare hikes are necessary, given projected deficits and upcoming capital construction, but many elected officials believe that the... more ›