Good Grief, Washington DC is broke

Mike Neibauer reports from the Washington Times:

Budget projections for city worsen and borrowing likely not an option

The District's budget deficit for this fiscal year could hit nearly $220 million and double during the next, but D.C. leaders have no cash surplus to play with and cannot borrow more without violating the city's debt cap.

Unlike previous years there is virtually no wiggle room or extra cash to carry the government through another budget cycle, according to documents distributed by Chief Financial Officer Natwar Gandhi during a D.C. Council retreat last week. The District's budget was balanced in fiscal 2009, the newly released Comprehensive Annual Financial Report concluded, but there was nothing left over.

Read more at the Washington Examiner: http://www.washingtonexaminer.com/local/D_C__s-money-woes-continue-to-mount-83298752.html#ixzz0kSeY0nZX