Government projects suffer without bonds

October 01, 2008 10:33AM

City, state and local governments nationwide have been shut out of the bond markets for the last two weeks, raising costs of operation and threatening long-term projects. Washington, D.C. had to shelve a planned bond offering to pay for construction in expanding Dulles and Reagan National airports. Billings, Montana is struggling to come up with $70 million for a new emergency room and Maine has been unable to raise $50 million for highway repairs. New York City issued $300 million in bonds for public schools on Monday, the only bond issued that day.

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