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(Studio) New York Governor Hugh Carey warns Senator Banking Committee that New York state will be next default victim if administration fails to help NYC.
REPORTER: Walter Cronkite
(DC) [CAREY - says Congress must use information to prevent economy Pearl Harbor.] [TOWER - says will be difficult to sell idea of bailing out NYC. New York must be prepared to accept tough restrictions with help.] [CAREY - wants government to be partner in seeing no other city gets in condition of NYC. Either federal funds or federal troops would be needed to help with city services.] Carey proposes federal guarantees for bonds offered by Municipal Assistance Corporation (MAC).
REPORTER: Ed Bradley
- Bradley, Ed;
- Cronkite, Walter
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