On Monday, the company missed a $14 million debt payment.

It is behind on its debt payments by some $8 billion.

Doing so, he said, would allow the state to avoid a $50 million debt payment in January.

"We will not be able to make foreign debt payments over the next 10 years according to the original schedule," he said.

Under the terms of the bond, the state and city's debt payments would be $52 million a year.

The company set aside $100 million in June to cover three years of debt payments on the projects.

To make the tax cut look bad, Democrats compare it to debt payment.

The Government included debt payments of just $9.5 billion in its draft budget.

Over the last two months, most companies have simply stopped making debt payments.

The project would cost the state roughly $7 million a year in debt payments for the next 30 years.