September 25, 2008
Downturns, on Wall Street and Beyond, Affect States and Their Colleges
College and university officials in New York are bracing for the financial aftershocks of the latest upheaval on Wall Street, which generates about one-fifth of the Empire State’s revenues.
Even before the quick succession of corporate casualties hit Lower Manhattan, the state was projecting a $6.4-billion revenue shortfall for the current fiscal year and bracing for a deficit that is estimated to grow to as much as $26-billion over three years.
By the end of
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