Mayor Giuliani “turned a $2.3 billion deficit into a multibillion dollar surplus.” ... and then turned that into a $4.8 billion deficit.
The Giuliani campaign defended the advertisement, noting that it merely states that Mr. Giuliani created a multibillion-dollar surplus, not that he passed one on to his successor.
Rudy cut taxes, increased spending, and raided the city's pension fund. The plan worked great while the economy was booming. Then the stock market collapsed. Then 9/11 changed everything.