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New York City Economy #41674

ABC Evening News for Wednesday, Feb 11, 1976
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(Studio) Federal government gives $250 million to New York City at Federal Reserve Bank as part of loan. City loaned $760 million so far.

(NYC) New York City spending $54 million more than it said it would. [Mayor Abraham BEAME - says road ahead is uphill and rough.] City not recing. amt. of taxes it thought it would. [Governor Hugh CAREY - says times not changing for better (as reason why New York City didn't know it would need more money in Jam. than it asked for in December)] [New York Financial expert Felix ROHATYN - says city's economy must be improved.] City says 1400 fire fighters laid off; fire department says 900 laid off. City says 4000 police laid off; police department says 5000 laid off and 2000 rehired. Incr. in street crimes cited. 20 Wall Street firms threaten to leave New York. Of 600 stock and bond hses., 8 begin moving. Next week, city and state to tell Treasury Secretary William Simon they're still cutting and revising but reforms working. Simon to release $180 million more to city.
REPORTER: John Martin

Martin, John;
Reasoner, Harry

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