Tagged: Lincoln Chafee

It appears that New York Mayor Mike Bloomberg, a billionaire media mogul, has switched his affinity from Gov. Lincoln Chafee to RI General Treasurer Gina Raimondo in the 2014 Ocean State campaign for governor.

Gov. Lincoln Chafee is shrugging off news that New York City Mayor Michael Bloomberg is holding a fundraiser this week for state Treasurer Gina Raimondo.

Bloomberg stumped for Chafee in the 2010 governor’s race calling him one of the nation’s most effective leaders. Channel 12 reports that Bloomberg is hosting a fundraiser Thursday for treasurer Gina Raimondo, who is expected to run for governor. 

Moody’s Investors Service has downgraded the state’s bonds for its failed deal with 38 Studios.  Moody’s has put those and other state bonds under review for possible additional downgrades.

In explaining the move, Moody’s points to uncertainty in the General Assembly about whether to allocate money for paying back the 38 Studios’ bonds. The investors’ service downgraded the 38 Studios bonds from a low credit risk to a moderate risk.

State lawmakers continue to meet behind closed doors as they prepare to unveil their changes to the budget introduced by Governor Lincoln Chafee.  The legislative spending plan will be vetted Tuesday by the House Finance Committee.

Filling a budget hole of about 30 million dollars is the top challenge facing lawmakers. The deficit is a result of lower than expected state revenues. Linda Katz of the liberal Center for Economic Progress is concerned that social programs for the needy may take a hit when legislators try to clear the red ink.