Mayor to seek bailout funds
San Jose Mayor Chuck Reed said Friday that he will request 2% -- or $14 billion -- of the federal government’s $700-billion bailout package.
Reed said he and several other California mayors plan to collectively present a bailout request to the federal government.
“If the federal government is going to be doling out money, we’ll be asking for our fair share,” Reed told the Associated Press. “As the 10th-largest city in the country, we should at least get 2%, that would be fair.”
He did not know when the request would be formally submitted, nor did he say what other California cities would be asking for funds.
San Jose’s total budget for 2008-2009 was $3.3 billion. The city is not running a deficit.
San Jose’s announcement comes on the same day that the mayors of Philadelphia, Atlanta and Phoenix asked the federal government for a portion of the $700-billion package.
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