Facing budget and pension fund shortfalls of hundreds of millions of dollars, three big city mayors have requested in a letter to Treasury Secretary Paulson that some of the federal bailout money be directed to cities.
"Three big city mayors asked the federal government Friday to use a portion of the $700 billion financial bailout to assist struggling cities.
The three mayors proposed providing loans to help cities pay pension costs. They also want $50 billion in loans for investment in infrastructure, and additional one-year loans to cities unable to borrow cash because of the tight credit markets.
The mayors - Michael Nutter of Philadelphia, Shirley Franklin of Atlanta and Phil Gordon of Phoenix - made their request in a letter to Treasury Secretary Henry Paulson."
Read the full story: Phoenix, Philadelphia, Atlanta Mayors Want Share Of The Bailout
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