WASHINGTON - District of Columbia Mayor-elect Marion Barry yesterday proposed $156.1 million in spending cuts and $97 million in revenue-raising measures that are designed to convince Wall Street that the district will be creditworthy under his watch.

"We will find out on Monday" whether the new proposals will persuade credit rating agencies to affirm the district's ratings and banks to provide credit enhancement for $250 million of short-term notes that the city plans to issue by month's end, Barry said at a news briefing.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.