NEW YORK CITY: The Big Apple on the Brink

New York City is an exciting, exceptionally varied metropolis that offers everything people could ever want — and an awful lot of things they do not want. Notable among the latter is an incredible fiscal problem: the Big Apple is slowly going broke. Its budget is expected to be in the red by at least $120 million in this fiscal year and by almost $900 million next year. A few experts even suggest that the city start afresh by reorganizing its finances under Chapter IX of the Federal Bankruptcy Act. Last week the...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!