NEW YORK: The Anguished City Gears for D-Day

Work will stop on $1 billion in city construction projects, endangering even the renovation of fabled Yankee Stadium. Holders of maturing city securities will be turned away emptyhanded. Some of the city's 18 public hospitals will be closed. Subsidies to the Metropolitan Museum, to plays in Central Park and other cultural activities will be cut off. Vendors of "nonessential" city supplies ranging from playground baseball bats to power turbines will not be paid on time. Thousands more—perhaps tens of thousands—city employees will be fired.

These dire events became more and more likely...

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