A high-ranking official working for New York State Comptroller H. Carl McCall says McCall downplayed the severity of New York City's budget problems last summer in a controversial letter to help the city maintain its bond rating.

The letter, signed by McCall but drafted with assistance from top officials in the administration of former Mayor David N. Dinkins, was designed to aid the city in negotiations with its bond raters.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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