Rockland officials shaken by downgrading of U.S. debt

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.

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