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New York City / Fin. Trouble #239946

CBS Evening News for Tuesday, May 13, 1975
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(Studio) New York Governor Hugh Carey and New York City mayor Abraham Beame go directly to President Ford for help in paying city's bills for May and June.
REPORTER: Bob Schieffer

(NYC) $1 billion needed each mo to run NYC; breakdown of costs detailed. In 1950's white exodus from New York City to suburbs began; minorities moved into city and new slums sprang up. [President Standard and Poor's Brent HARRIES - says there are too many New York City notes and bonds in hands of banks to be digested properly.] Major banks refusing credit to city.

(DC) After Beame and Carey meet with President, no commitments received [BEAME - says President open to careful consideration of situation.] Beame and Carey then ask Congress for help. [Senator Carl CURTIS - says all cities have financial problems; if procedure starts, there'll be no end to it.]

(NYC) If New York City not helped, it could cause massive loss of confidence in nationwide municipal bond market If New York City allowed to go bankrupt, other cities could fall like dominoes.

Lee, Mike;
Schieffer, Bob

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