Vendaval -> "Gulf resident wonder, where is all the money?" (4/23/2007 5:42:16 PM)
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"Gulf residents wonder, where is all the money?" "Only half of the $110 billion appropriated has been spent" By Lisa Myers, Christiana Arvetis & the NBC News Investigative Unit Updated: 4:53 p.m. PT Feb 6, 2007 "So far, only about half the $110 billion allotted by the federal government has actually been spent. Officials at all levels complain that bureaucratic red tape has choked off the recovery. "It's kind of like a glacier melting waiting for those moneys to come down to the local level," says Aaron Broussard, president of Jefferson Parish in New Orleans . The first chokepoint: The Stafford Act, a federal requirement designed to reduce corruption, that state or local governments must provide 10 percent of the money for rebuilding projects. In Bay St. Louis alone, 25 key federally funded projects — (totaling nearly $70 million) including new water and sewer systems — are stuck because the city doesn't have the matching funds. Favre explains, "We don't have the money. We have borrowed every bit of money we could possibly borrow to the point now that legally we can't borrow anymore because of our debt limit capacities. We don't really know what we're going to do." Louisiana officials complain that requirement is their biggest impediment." http://www.msnbc.msn.com/id/16992558/
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