But he said that fiscal collapse has not made the city's many businesses unprofitable, "just less profitable."
But Russia's 1998 fiscal collapse transformed the industry's economics.
The increase was cut a few years later as the district neared fiscal collapse.
After that, rely on rampant cost inflation and the threat of fiscal collapse to force Congress to consider more radical changes.
Many analysts said the last two budgets set a course for fiscal collapse, but they praised today's plan as a correction.
They also say someone of his skills is needed because the city is on the brink of fiscal collapse.
Perhaps New York relished the 80's so because only in the previous decade, the city had come close to fiscal collapse.
With the District on the verge of fiscal collapse, Congress created a financial oversight board that has gradually put the city in order.
Mr President, Greece is on the verge of fiscal collapse.
The nation's second-largest school system stands on the verge of fiscal collapse.