Suozzi was elected Nassau County Executive in 2001, becoming only the second Democrat ever to lead this traditionally Republican county and the first Democrat elected to the position in 30 years. He assumed office in the midst of a fiscal crisis. By 1999, Nassau was on the brink of financial collapse: the county faced a $300 million annual deficit, was billions of dollars in debt, and its credit rating had sunk to one level above junk status. According to "The New York Times", he "earned high marks from independent institutions for his signature achievement, the resuscitation of Nassau's finances."