Rockland officials shaken by downgrading of U.S. debt

Many Rockland County officials say they're concerned by today's stock market slide following Standard & Poor's first-time downgrade of the U.S. debt. County Executive Scott

NYACK - Many Rockland County officials say they're concerned by today's stock market slide following Standard & Poor's first-time downgrade of the U.S. debt.

County Executive Scott Vanderhoef says current and retired government employees have their pension partially invested in the market. He says that will have a direct impact on Rockland taxpayers because the county will have to pick up the difference to ensure the pension system works.

The chairman of the Rockland County Business Association, Jan Degenshein, says it's a question over how the downgrade will impact interest rates and borrowing. However, he says his members will be affected and it will be even more difficult to expand a business.

Vanderhoef says interest rates are not as big an issue for the entire county, as it will cancel plans to borrow $5 million for capital improvements in the near-term.

advertisement | advertise on News 12

Trending Video

News 12 hit the streets to find out, 1 Word on the Street: Worst Highway in NYC
The incident happened on March 15, inside the 2 VIDEO: Deli Plus Grocery shooting exclusive video
Furry Friends for 3/24 - Animals for Adoption 3 Furry Friends for 3/24 - Animals for Adoption
VIDEO: Rob Astorino blasts free tuition plan 4 VIDEO: Rob Astorino blasts free tuition plan
VIDEO: Interview with Newburgh fire chief 5 VIDEO: Interview with Newburgh fire chief

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE