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He placed the budget gap at $11.5 billion -- $2.2 billion for this year, and $9.3 billion for next year -- making this his biggest fiscal crisis since taking office in 1995.
Between 2001 and 2003, America enjoyed its biggest fiscal stimulus of the post-war period, and short-term interest rates were slashed.
Its latest package of tax cuts and government spending, unveiled in early April, will provide the biggest fiscal boost, relative to GDP, of any rich country this year.
Greece, which faces its biggest fiscal crisis in decades, pledged last month to reduce its budget shortfall to below 3 percent of gross domestic product in 2012 from 12.7 percent in 2009.
The agency is one of the county's biggest fiscal worries, since Nassau pays $50 million a year in subsidies and fees and guarantees the agency's $256 million debt repayment, Mr. Weitzman said.
That's the equivalent of roughly 10% of GDP and comes after three years of similar measures, which produced the biggest fiscal adjustment achieved by any OECD country for the last 30 years.
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