Carter Will Help N Y But No Blank Checks
Treasury Secretary Blumenthal said the Carter administration will assist New York City with its immediate financial troubles but will not issue a blank check. NYC must raise 8255 million by week’s end and negotiate a plan to repay nearly 1 billion in notes per a court order while staying on a path to a mid 1978 budget balance. If progress occurs a federal loan is more likely. bankruptcy remains a potential outcome if default occurs.
MENTIONED IN THIS ARTICLE
Washington
Treasury
W. Michael Blumenthal
Carter Administration
New York City
Blumenthal
Ford Administration
Congress
Arthur F. Burns
Federal Reserve Board
Carter
House Budget Committee
Riots and Terrorism Policy Tactics Debate
The task force urges court warranted wiretapping for terrorism danger, rejects broad electronic surveillance for coups, and backs mass arrests with warrants to quell riots. Gov. Byrne insists arrests require probable cause. the report warns of growing social distress and potential future violence amid rising crime and unemployment. Renegotiation with terrorists is advised, with ransom talks supported. no blanket ban on ransom payments.
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Wilson
Washington
Kban
U.S
Byrne
United States
Cies
Nut
Fas
GM Chief Warns Big Business Faces Scrutiny
Detroit AP GM Chairman Thomas A Murphy warned that success breeds suspicion amid a Justice Department and IRS probe into alleged illegal tax writeoffs. Investigators reportedly consider belated or duplicate writeoffs totaling up to 500 million dollars, though no charges have been filed and GM denies wrongdoing.
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Detroit
General Motors Corp
Thomas A. Murphy
Justice Department
Internal Revenue Service
The
Wall Street Journal
IRS
Murphy
Society of Automotive Engineers
Spending under runs may affect Carter stimulus plan
Treasury secretary W Michael Blumenthal says the first four months show a 75 billion under run in the current fiscal year with January contributing heavily The underspending could lessen the deficit but also drag on the recovery undermining Carter s two year 50 billion stimulus plan Some experts doubt the drag theory while Burns Fed chief warns against further stimulus moves.
MENTIONED IN THIS ARTICLE
Carter
Treasury
W. Michael Blumenthal
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National Advisory Committee On
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Law Enforcement Assistance Administration
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Joe DE Beck
Bonds
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