D.C. Begins Work On Contingency Plans For Dealing With Federal Default | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

D.C. Begins Work On Contingency Plans For Dealing With Federal Default

Play associated audio

D.C. Council Chairman Kwame Brown is asking the full council to come back from its summer recess so they can meet Monday with the Mayor and the Chief Financial Officer and go over the city's options for dealing with a default.

The District's CFO has warned that if federal lawmakers fail to raise the debt ceiling, the city could see an immediate delay or loss of Medicaid reimbursements and other federal funds.

And even if congress raises the debt ceiling but the federal government's credit rating is downgraded, the District's borrowing costs could increase while at the same time, local revenues could drop. Real estate transactions, for example, could be slowed by higher interest rates.

In short, the District would have a cash-flow problem, and the CFO says the city needs to brace for the worst, and draw up a plan that rations payments.

NPR

Lowly Worm Is Back! Richard Scarry Jr. Brings Dad's Manuscript To Life

The younger Scarry, also an illustrator, found a draft of Best Lowly Worm Book Ever! in his dad's Swiss chalet. He says all that was missing was the final art, "so that's what I did."
NPR

A Food Crisis Follows Africa's Ebola Crisis

Food shortages are emerging in the wake of West Africa's Ebola epidemic. Market shelves are bare and fields are neglected because traders can't move and social gatherings are discouraged.
NPR

Uber Greases The Wheel With Obama's Old Campaign Manager

Uber is hiring David Plouffe, the mastermind of Obama's 2008 campaign, to power its own political strategy. What can a tech-savvy political animal offer a ride-sharing service?
NPR

Native Stories From Alaska Give Gamers Something To Play With

The video game Never Alone draws on a traditional Inupiaq story and the actual experiences of native Alaskan elders, storytellers and youth.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.