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New York Faces Deepening Financial Crisis in 1970s
AP reports New York City confronts an unprecedented fiscal emergency with an $800 million gap by June 11 and a debt load of $7.8 billion in long term bonds plus $5.5 billion in short term notes. Mayor Beame warns of a $12.1 billion crisis budget for 1976 unless taxes rise and aid increases.
MENTIONED IN THIS ARTICLE
Lee Mitgang
AP Business
Ene
New York
Hugh Carey
Beame
Robert F. Wagner
New York New
South Bronx
Michael Quill