Word: brink
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...mishandling the city's financial troubles. Goode's administration has resorted to desperate measures, such as reducing the municipal work force by nearly 2,000. Even so, falling tax revenues, a sagging business economy and the loss of federal revenue-sharing funds have pushed the city to the brink. Says Jay Abrams, a vice president at the Wall Street credit-rating firm Standard & Poor's: "Philadelphia has dug itself into a great big hole." Would even a big loan ward off bankruptcy at this point? Says city controller Jonathan Saidel: "It's just a quick...
Unfortunately, Weld has endorsed the Citizens for Limited Taxation (CLT) petition--a proposal that would indiscriminately bankrupt the state government and leave schools, health care facilities and other state services on the brink of financial collapse. Although he says he would seek to delay the CLT petition's implementation as governor, Weld's position reveals too much of antigovernment Ronald Reagan and not enough of his Yale counterpart. We are also disappointed by his staunch support of the death penalty--a position he shares with Pierce and Democratic candidate Frank Bellotti...
...months since President Bush and congressional leaders convened their budget summit, Administration estimates of this year's deficit have exploded from $100 billion to $149 billion, not counting the $100 billion bailout of bankrupt savings and loans. The gap could grow even larger if the economy, already on the brink, is pushed into a recession by surging oil prices from the Persian Gulf crisis...
Having marched headlong to the precipice of war, both sides in the Persian Gulf conflict peered into the abyss last week and took a deep breath. From all the signs, each party wanted to inch back from the brink...
...results are likely to be especially severe in the U.S., which is uncomfortably vulnerable to any shock. Economists are debating whether the economy is merely on the brink of a recession or already in one. Output of goods and services grew only 1.2% in the second quarter, the fifth straight quarter of growth below 2%. That is likely to spark a continuing increase in unemployment, which rose last month to 5.5%, the highest since August 1988. Corporate profits have declined 12% in the first half, and are likely to sink further, in part because higher interest rates are making...