The Yankees Are...Out Of Money???

I was reading the New York Times Online earlier today (yes, I read The Times in addition to baseball stuff) when I came across a mind boggling line from Yankee's GM Brian Cashman in the sports section. At a charity event he recently attended, Cashman fielded various hot topic question that didn't have to do with Torre's book. Naturally, the issue of Manny Ramirez came up:

Cashman took a question about why he was not pursuing (Manny) Ramírez, and he said that he simply could not afford it after spending so freely during the off-season.

“People expect us to get in on Manny, but it’s not going to happen,” Cashman said. “We’re in the nonroster invitee mode.”

He added, “He’s a great player, but when you look at our payroll, we’re tapped.”

Wait...what???? One more time:

"...when you look at our payroll, we’re tapped.”

Holy fucking shit Batman. The Yankees have finally spent so much money that they have no more money left.

If you ask me, this is front-page material...especially for New York

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Question: If the Yankee's payroll -- largely thanks to Giambi making more in 2008 than Tex in 2009 and AJ Burnett's large contract being offset by the departures of Mussina and Abreu -- is projected to be less in 2009 than it was in 2008, how are the Yankees out of money?
doesn't matter that the projected Yankees payroll for 2009 will be lower than that of 2008