Sentences with phrase «major fiscal crisis»

The state is also suffering a major fiscal crisis that is impacting its budget, pension fund and tax revenue — and the capital city of Hartford is teetering on the brink of bankruptcy.

Mr. Martin averted a major fiscal crisis, eliminated the deficit in three years, reduced the government's debt, strengthened the Canadian banking system, and reformed the Canada Pension Plan.

Albany technically has the power to govern the city, and arguably did so with strict oversight of municipal spending set up through the Financial Control Board after the state bailout in 1975 when the city suffered a major fiscal crisis.

Accordingly, this failure has resulted in a major fiscal crisis, leaving the City at risk of being unable to pay its bills.

As a result, Africa's booming economies are now woefully unprepared for lower oil prices, with analysts predicting a major fiscal crisis if oil falls below $ 60 per barrel.

Paterson's plan - a $ 1.60 - a-pack increase on cigarettes, a parallel hike on other tobacco products and a renewed commitment to attack rampant tax evasion by Indian retailers - is a fitting response to a major fiscal crisis with the side benefit of giving people more reasons not to smoke.

«He'll be making it clear coming out of the starting gate that the state is facing a major fiscal crisis, and an austere inaugural will be one way to demonstrate that,» said a source close to Cuomo.

The main driving force behind this pressure is the special session of the Louisiana Legislature to address the state's major fiscal crisis, but the evidence is being cited.