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  • Federal government to reimburse states for Irene damage

    08/28/2011 2:12:51 PM PDT · by mdittmar · 15 replies
    Reuters ^ | Aug 28, 2011 | Reuters
    (Reuters) - Hurricane Irene could cost U.S. state and local governments billions of dollars in damages, but funds from the federal government might ultimately cover much of this expense. It is too early to estimate the cost of the storm, but New Jersey Governor Chris Christie said New Jersey alone may have suffered tens of billions of dollars in damage.The timing is terrible for municipalities as they dig their way out of their bleakest economic period in decades after the financial crisis and recession sank budgets and forced widespread cuts in expense and increased taxes.But Maryland said the federal government...