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New York City Economy / Ideas / Senate #237464

CBS Evening News for Thursday, Oct 30, 1975
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(Studio) Governor Hugh Carey urges citizens to take to sts. in support of NYC. City representatives work on plan to tap pension money to forestall default.
REPORTER: Walter Cronkite

(NYC) [Municipal workers union Victor GOTBAUM - says unlike Ford, we understand human destruction that would result from default. Default would destroy city.] City and state representatives warn of odds against pension idea working out are 20-1, due to legal problems. Mayor and others meet with regard to emergency budget cuts. [City council finance chairperson Matthew TROY - describes ideas for cutting costs.] Schools may have to close to maintain vital services.
REPORTER: Robert Schakne

(Studio) Senator Banking Committee votes 8-5 for bill to provide $4 billion for fed. loan guarantees.
REPORTER: Walter Cronkite

Reporter(s):
Cronkite, Walter;
Schakne, Robert
Duration:
00:02:10

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