Cantrell Asks City Council To Approve Plan To Borrow $100 Million

New Orleans Mayor LaToya Cantrell is asking the city council to support a plan to borrow $100 million to offset the rising budget deficit.

City Councilman Joe Giarrusso spoke about the proposal yesterday, saying he wants to know more before giving final approval.

Cantrell is asking to borrow the money due to the coronavirus pandemic, which has created a potential $150 million hole in the budget.

The City Council will discuss the issue on May 7th, and if approved, the city would take out the loan against future earnings and pay it back over several years.

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