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New York City Aid / New Plan / Carey / Administration #480304

NBC Evening News for Wednesday, Nov 12, 1975
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(Studio) New York Governor Hugh Carey reports new plan to keep New York City from default. Would also save Yonkers and 4 New York agencies. New York legislature must approve plan. Carey hopes for federal aid.
REPORTER: John Chancellor

(New York) Carey says administration told him to work on plan. [CAREY - hopes for results. No indication from Treasury Secretary William Simon that Ford has changed his mind about helping NYC. Plan requires some sort of fed. intervention.] Plan is $6 billion package to cover city debts and fend off default for 3 years Incls. 7 month moratorium on paying $1.6 billion in city notes. Noteholders would be offered option of trading bonds for longer term bonds with lower interest. Could be default by another name.
REPORTER: Robert Hager

(Studio) Ford's position unchanged.
REPORTER: John Chancellor

(DC) Rptd. that Treasury Secretary Simon, Federal Reserve Bd. Chairperson Arthur Burns, econ. assistant William Seidman and economy counselor Alan Greenspan impressed with New York plan. Plan doesn't indicate bailout. Federal aid incls. short-term or guaranteed loans only for essential services. Simon tells Carey to move quickly with plan. Some political advisers feel any aid to New York City before default would hurt Ford.
REPORTER: Irving R. Levine

Chancellor, John;
Hager, Robert;
Levine, Irving R.

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