Guess how long it is before the state of New York runs out of cash? Less than a week, according to the state's comptroller.
On June 1, New York is due to send $3.8 billion in aid to local school districts, including $2.1 billion that was supposed to be paid in March but not sent for lack of funds. Yet New York is still $1 billion short. This could affect school operations, the solvency of any business that sells goods or services to the state, the paychecks of state workers, and ultimately home values.
At the state capitol in Albany, you wouldn't sense there's a crisis. The state senate still meets only half a work-week, Monday evening through Wednesday. Meanwhile, Democratic legislators (in the majority) are shuttling back and forth between Albany and the Democratic Party's state nominating convention at the Rye Town Hilton in Westchester County, 150 miles away.
The crowded meeting rooms and festooned ballrooms are where you'll find the action. Legislators are securing their nominations for another two-year term. Never mind that legislative malpractice is to blame for the cash running out.a
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