double freeze

Global economic turmoil has forced the New York and New Jersey Port Authority to crack down on operating expenses and staff recruitment in its 2009 budget.
Both have been frozen at current levels while long term spending is also be under the microscope as it looks to fund record expenditure.
Chris Ward, executive director of the port and airport operator, said: "We have made disciplined decisions to zero-out growth on the operating side of our budget so we can spend more on the capital side, which is the kind of spending that will create jobs, stimulate the economy and meet our infrastructure needs.
“But make no mistake, the Port Authority, like all other public agencies, will have to manage its long-term spending within a very different economic landscape."
Today’s preliminary figures show the port authority will have $6.7bn at its disposal next year, including a record $3.3bn in capital spending.
By Andy Pierce in London