From the Daily News:
New York is struggling to pay the interest on what amounts to a $59 billion mortgage, the report reveals, even as the city plans to spend billions more on capital projects.
"New York City has a large and growing debt burden that is threatening to become unaffordable," city Controller William Thompson's office writes in its annual debt review.
"By any commonly accepted measure, New York City ranks above its peers in the amount of debt shouldered by city residents and the city's economy."
The city's debt load is $7,153 per New Yorker, the report says - up 55% in the last eight years.
Last year, New York paid $4.86 billion in interest to service that debt - a figure projected to rise to $8.1 billion in the next decade.
Mayor Bloomberg, financial genius! Four more years!