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New York City Aid / House Bill #480395

NBC Evening News for Monday, Nov 17, 1975
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(Studio) House Banking Committee reduces loan guarantees to New York City from $7 billion to $3 billion. Term of guarantees reduced from 19 years to 5 years and power of bd. to oversee guarantees reduced.
REPORTER: John Chancellor

(DC) Changes worked out by minority leader, John Rhodes, and committee chairperson Henry Reuss to win Republican support. [Representative William STANTON - questions decisions being made without informing rest of committee ] [REUSS - says fine that Stanton doesn't like changes.] [Representative Thomas ASHLEY - says still no indication from White House Must move forward.] President Ford delays until New York legislature votes new taxes and shows it means to help itself. Rptd. New York banks and legislature won't go along unless sure of federal help. New York heads for default around December 1 and Congress heads for Thanksgiving recess.
REPORTER: Irving R. Levine

Chancellor, John;
Levine, Irving R.

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