Fort Wayne’s Answer To Bridge Financing

Ok, so I’m being facetious here.  But it was the first thought I had when reading this.  I’ll let the article speak for itself.  From cbsnews.com by CBS/AP:

(CBS/AP) Mayors of three cities hit hardest by the economic crisis – Philadelphia, Atlanta and Phoenix – asked the federal government Friday for a piece of the $700 billion bailout package, saying they need help just like financial institutions. 

Mayor Michael Nutter of Philadelphia said he wants “to make sure that cities and metro areas are at the table, that their voices are being heard, that our challenges and problems are well understood, so that we can get relief.” 

The mayors proposed providing loans to help cities pay pension costs. They also want $50 billion in loans for infrastructure investments and additional one-year loans to cities that are unable to borrow cash because of tight credit markets. 

“The future prosperity of this country is tied directly to our ability to provide basic services and quality infrastructure to our citizens,” Atlanta Mayor Shirley Franklin wrote in a letter to Rep. Charles Rangel, chairman of the House Ways and Means Committee. “We are at serious risk in failing in that most basic public responsibility.” 

President-elect Barack Obama has also called for some sort of aid to state and local governments so they do not have to raise taxes or lay off workers while the federal government tries to revive the economy. But he has not proposed or endorsed a specific plan. 

So maybe those circuit breakers were good in a sense – in that they forced Fort Wayne to be ahead of the curve.