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New York City / Financial Trouble #499565

NBC Evening News for Tuesday, Jun 06, 1978
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(Studio) New York City Mayor Edward Koch's request to Senator Banking Committee that New York City city loans be given federal guarantee reported.
REPORTER: John Chancellor

(DC) NYC's efforts to create financial reform after getting federal aid in 1976 outlined. Senator William Proxmire's opposition to more federal aid; his statement tying California's Prop. 13 to New York City noted. [PROXMIRE - asks what happens in other United States cities; says people fed up with excessive spending and that's reason for California's Prop. 13.] Koch's response about raising taxes and cutting city spending reported [KOCH - says New York City residents would leave state to go to neighboring states without such problems. Notes Senator John Heinz state is one possibility.] [HEINZ - asks if Koch will lend Pennsylvania statue that has quote about tired and poor.] [KOCH - may have to sell statue.] City's possible bankruptcy by July mentioned.
REPORTER: Irving R. Levine

Chancellor, John;
Levine, Irving R.

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