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And while the Legislature raised taxes to pay for restoring school aid and medical services the governor wished to cut, it did nothing to reduce the amount of borrowing Mr. Pataki's budget.
Likewise, the directors including Alan Ace Greenberg, chairman of the risk control committee, who should have used his muscle to reduce the amount of borrowing.
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A number of senior Wall Street executives have questioned the wisdom of Moody's threat to cut the ratings of the financial institutions, given the efforts most banks have made to reduce the amount of borrowed money they use to run their operations and increase their capital positions.
The financial regulatory system that emerged from the New Deal was meant to protect us from the recurrence of such a catastrophe by reducing the amount of borrowed money used by major financial institutions in speculative schemes.
A cheaper currency should, in principle, boost exports and curb imports, narrow the current-account deficit and so reduce the amount of fresh borrowing needed from abroad.
When, last month, it was revealed that the tobacco companies might not be able to make the payments that Pataki's plan is based upon, his response, rather than to reduce the amount of proposed borrowing, was to lament that the debt had not already been issued.
Regulators are urging banks to make loans, but they are also instructing them to reduce the amount of money they borrow themselves.
That will reduce the amount of money households can borrow for mortgages, auto loans and other credit.
At the same time, they will reduce the amount of money you can borrow as they will assume a chunk of your income is going to pay for childcare.
These programs are important to our Florida residents and help reduce the amount of loans a student will borrow.
The money dedicated to the M.T.A. would reduce the amount of the agency's own borrowing, and would pay for several subway and commuter rail projects, including engineering work on the proposed Second Avenue subway in Manhattan.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com