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(Studio) Chairperson Council Econ. Advisers, Alan Greenspan, says if New York City defaults there is only small chance rest of United States will panic. Econ., F. Gerard Adams, of Wharton School of Finance, says potential for financial crisis is there. Speaker House Carl Albert to work for federal aid legislature AFL-CIO President George Meany opposes legislature; says it would give administration total say over New York City labor contracts. City university system may close 6 of 19 colleges. Nurses stage sick-ins at 3 city hospitals to protest staff cutbacks. Public housing and school construction cut back. 30,000 municipal jobs eliminated.
REPORTER: Walter Cronkite
- Cronkite, Walter
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