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(Studio) New York and New York City put together $9.4 billion package to help NYC. President Ford to hold news conference at 7:30 p.m. EST. New York Governor Hugh Carey thinks it'll be good Thanksgiving for NYC.
REPORTER: Walter Cronkite
(DC) Indicated federal government will help with short-term loans. Ford to explain he's not bailing out NYC; White House considers New York City to be in process of defaulting.
REPORTER: Robert Pierpoint
(NYC) New York City to undergo new taxes, incling. higher cigarette tax, inheritance tax, sales tax and city income tax. [New York City Club Joel HARNETT - says the higher the taxes, the less competitive New York City will be. It won't help local economy] New York City lost 1/2 million jobs in 6 years Corps. have moved to suburbs. [Municipal Employees Union Victor GOTBAUM - says alternate to helping New York City is default. Would take decade to come back from bottom.]
REPORTER: Robert Schakne
- Cronkite, Walter;
- Pierpoint, Robert;
- Schakne, Robert
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