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Office of Management and Budget
News Release


November 1, 2001

Administration Announces Additional Assistance for New York Economic Recovery

Washington, DC -- Office of Management and Budget Director Mitchell E. Daniels, Jr., announced today a $2.8 billion economic assistance package for New York. This economic assistance package will allow New York to target aid to businesses affected by the terrorist attacks on the World Trade Center and to assist in the City’s economic recovery. "The President has authorized support for New York unprecedented in both scope and cost. Cleanup, rebuilding and victim assistance will dwarf that provided in any previous catastrophe. Today the President is moving on yet another front. New York presented a variety of creative ideas aimed at economic recovery, and we are pleased to be able to take action on three of these requests," Daniels stated.

The $2.8 billion assistance package is the result of consultations with Governor Pataki, Mayor Giuliani, Senator Clinton, Senator Schumer and the bi-partisan members of the New York House Congressional delegation to determine needs and priorities. The package is designed to assist New York in its efforts to mitigate the potential loss of businesses and jobs from Lower Manhattan.

This assistance is the latest installment of federal support to the New York area to deal with the effects of the September 11th terrorist attacks. Previous supplemental releases have included funding for emergency response, debris removal, and public infrastructure repair. Pursuant to the President’s $20 billion commitment to deal with the effects of the attacks, the total federal assistance either enacted or proposed now stands at over $14 billion.

The economic assistance package comprises three elements. Each of these actions was specifically requested by state and local officials, and each will require a special exemption to existing law.


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