New York Will End the Year With an Overdrawn Bank Account

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"If I rub my beard it will look like I'm trying to figure out how to fix this." Photo: Getty Images

For the first time ever, New York State will end the year with a negative balance in its bank account. At the end of the day Wednesday the state had a negative balance of $174 million with $1 billion in unpaid bills. The state must now turn to its short-term investment pool, which currently holds around $800 million.

"New York State is officially living paycheck to paycheck," said state comptroller Thomas DiNapoli. "The state is starting the new year by scrambling to make payments and juggle money."

States: they're just like us!

New York State Has First Deficit in General Fund [NYT]