It is the city's second long-term borrowing in the current fiscal year.

They said it was inappropriate to consider long-term borrowing until other steps have been taken.

A plan for this long-term borrowing was submitted by the city to Congress in June.

Because the money would come from long-term borrowing, it would have no immediate effect on the Federal budget.

That means taking on debt, which would be the first long-term borrowing since at least 1991.

The current estimate is €44.1 billion in long-term borrowing to fill the gap, of which €26.7 billion should come in 2012.

Tuition began to increase in more substantial amounts at this time, with the goal of having a balanced budget without short or long-term borrowing.

The fund was also told to review whether to use variable pricing on some loan programs so as to discourage repeated, long-term borrowing.

They say it was not just an all-out effort to cut borrowing costs and push interest rates lower by eliminating long-term borrowing.

It will be the city's first long-term borrowing for the new fiscal year, which began July 1.