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New York Faces Financial Gap After Emergency Plan
New York Citys emergency plan to avert default after 6.4 billion in federal loans has hit snags The budget deficit has ballooned to about 1.02 billion prompting talk of a longer timetable and deeper cuts through the next two fiscal years The city has laid off 40 643 workers since 1978 reducing the payroll to 253 679 as of January 31 1978 and officials debate extensions and revisions to the plan.
MENTIONED IN THIS ARTICLE
New York
New York City
Hugh L. Carey
Federal Reserve
Arthur Burns
Abraham D. Beame
Beame
Emergency Financial Control Board
Hugh L Carey
Kenneth Axelson
JC. Penney Co
Sidney Schwartz