Three major American cities buffeted by the global financial crisis are requesting at least $50 billion in federal funds to help pay for infrastructure improvements, pensions and short-term borrowing.
Philadelphia, Phoenix and Atlanta are asking U.S. Treasury Secretary Henry Paulson to release funds from the $700 billion financial bailout authorized by Congress last month.
Philadelphia Mayor Michael Nutter will hand-deliver the request to Paulson on Friday, spokesman Luke Butler said. Five or six other cities, including Chicago, may also sign on, Butler added.
I am glad to see the mayor of my busy and prosperous city of Atlanta joining in this. Our urban core of city contractors, city employees, city retirees, and public housing residents simply cannot get by on the billions in sales tax, ad valorem tax, property tax, and airport revenue the private sector generates down here.