Gordon, 2 other mayors seek share of bailoutPosted: Updated:
WASHINGTON -- Three big city mayors are asking the federal government to use a portion of the $700 billion financial bailout to assist struggling cities.
But they aren't getting a very sympathetic response.
The mayors -- Phil Gordon of Phoenix, Michael Nutter of Philadelphia, and Shirley Franklin of Atlanta -- made their request in a letter to Treasury Secretary Henry Paulson.
Asked about the request, a Treasury spokeswoman referred to Paulson's statement yesterday that assistance to local and state governments wasn't the purpose of the bailout funding.
The mayors are seeking help with their pension costs, infrastructure investment and cash-flow problems stemming from the global financial crisis.
Nutter says cities are facing an economic crisis not seen since the Depression and need help just like financial institutions.
(Copyright 2008 by The Associated Press. All Rights Reserved.)