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New York City Economy / Ford Plan / New York City and Congressional Reaction #237421

CBS Evening News for Wednesday, Oct 29, 1975
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(Studio) Report on New York City reaction.
REPORTER: Walter Cronkite

(NYC) Reaction negative. [Mayor Abraham BEAME - says President created climate of crisis and confusion which will lead to default, if unchanged.] [New York City Comptroller Harrison GOLDIN - describes monetary obligations. Doesn't see how vital services can be kept up.] [Governor Hugh CAREY - says Ford plan would send city and state agencies to default. Won't accept fate of noose around necks without fight.] Effort being made to borrow funds from city employees' $8 billion pension fund.
REPORTER: Robert Schakne

(Studio) Report on Congress reaction.
REPORTER: Walter Cronkite

(DC) [Chairperson Senator Banking Committee William PROXMIRE - says New York City won't be able to get out of this status for years to come. Govt. will see city disintegrate or provide loans.] [Senator John TOWER - supports President] [Senator Jacob JAVITS - feels President has unwittingly placed self at head of those who would do nothing.] [Senator James BUCKLEY - says President telling New York City to face facts and put it s house in order.] Congress thought to go along with Ford's plan.
REPORTER: Roger Mudd

Cronkite, Walter;
Mudd, Roger;
Schakne, Robert

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