Barry was sworn into office on January 2, 1995, and was almost immediately confronted with a financial crisis. The budgetary problems of his previous administrations had only increased during Kelly's term, with city officials estimating a fiscal 1996 deficit between $700 million and $1 billion. In addition, city services remained extremely dysfunctional due to mismanagement. One month into his term, Barry declared that the city government was "unworkable" in its present state and lobbied Congress to take over the areas of its operation that were analogous to typical state government functions. Wall Street, which Barry had convinced just after his election to continue investing in municipal bonds, reduced the city's credit rating to "junk status." Instead of implementing Barry's proposals, the newly Republican Congress (who had come to power on promises of decreasing federal spending) placed several city operations into receivership and created the District of Columbia Financial Control Board to assume complete authority over the city's day-to-day spending and finances, including overrule of the mayor's fiscal decisions.