Vanderbilt Television News Archive

(Studio) New York City having financial troubles; needs $1 1/2 billion to keep city operating till June 30. Mayor Abraham Beame and Governor Hugh Carey meet with President Ford to ask for help.
REPORTER: Harry Reasoner

(NYC) President to think over request and give them answer in couple of days. Mayor Beame thinking in terms of cutting city services to cut cost of running NYC. City in trouble partly because of generous contracts given to New York City unions to keep them happy and partly because of incrd. costs for city services. New York City banks refuse city more credit till budget balanced. [President Standard and Poor's Corporation Brenton HARRIES - says New York City must change its methods of operation to get out of financial slump.] [New York City comptroller Harrison GOLDIN - says other cities in country depend on New York City for stability of banking system. Other cities' capacities to financial own operations hurt by New York City financial troubles.] If something not done quickly, New York City to go bankrupt.
REPORTER: Lem Tucker

(NYC) New York City not alone; state and local govts. all across country slashing more than $3 billion for services from budget, but taxes will continue upward. Bill introduced in Congress to give $4 billion to local and state govts. so drastic cutback won't be necessary.
REPORTER: Dan Cordtz