New York City Grappling with Fiscal Aftermath of Attacks.

• Position: News Briefs - Brief Article

* A report by the New York City Comptroller estimates that the September 11 terrorist attacks could cost the city's economy between $90 billion and $105 billion, including $1.3 billion in taxes and other revenues through fiscal year 2003. To account for these losses, Mayor Rudolph Giuliani adjusted revenue expectations for fiscal year 2002 by $1 billion--from $22 billion to $21 billion. Still, the mayor says the city has faced much more difficult fiscal crises and that it will neither raise taxes nor dip into $545 million in general fund reserves to balance the budget. Instead, officials say the city would sell assets or privatize operations if necessary. One panel suggests that the short-term impact of the attacks will be worse than the...