How New York City Blazed Its Path to Default
A retrospective on how New York City's 1960s budget maneuvers opened the door to long term borrowing for operating expenses. The article traces shifts from city payrolls and welfare costs to pension spikes, union gains, and reduced federal support that culminated in a looming $12.4 billion debt and a $1 billion deficit projection for 1975 76.
MENTIONED IN THIS ARTICLE
New York City
Lef. Mitgang
New York
Robert F. Wagner
Nelson A. Rockefeller
Wagner
John V. Lindsay
Abraham D. Beame
Beame
Lindsay
New York State
Arthur Levitt
Citizens Union Research Foundation
US Couple Wounded In London Bomb Ruptures West End Night
A fifth London blast in three weeks killed one and wounded 15 including American couple James and Louise Howard of Georgia. IRA blamed. blast at Scott’s on Mount Street during dinner hour. two other diners hospitalized. Varviso among those escaping unharmed. Authorities warn of intensified West End campaign.
MENTIONED IN THIS ARTICLE
London
West End
Scotland Yard
Irish Republican Army
Scott's
Mount Street
Hyde Park
James Howard
Louise
Georgia
Howard
Silvio Varviso
Stuttgart Opera House
Varviso
New York
Metropolitan Opera
San Francisco Opera
Tahar
Comdr
Roy Habershon
Mayfair
James Dowsdall
Evanston
Ill
Vivienne
IRA
Northern Ireland
Caroline Kennedy
Ford Concedes Progress On New York City Aid Plan
Washington and New York officials signal movement toward a compromise to avert a New York City default. Gov Carey calls a special session to consider tax increases and debt restructuring as Congress debates a federal loan guarantee package and changes to bankruptcy law. White House and Treasury officials indicate a more flexible stance may be sought while dodging an outright bailout.
MENTIONED IN THIS ARTICLE
Washington
House
New York City
Ford
New York
Hugh Carey
Senate Judiciary Committee
Carey
House Banking Committee
Henry S., Reuss
D-Wis
John J. Rhodes
Arizona
Lowell Weicker
Rconn
Senate
Jacob K. Javits
Rn.y
Treasury
William E. Simon
Simon
White House
Ron Nelsen
Worlds of Fun plans Bicentennial Square expansion
Worlds of Fun in Kansas City will add a 3 now acre Bicentennial Square featuring a new ride, the Screamroller, seven stories high and racing at 56 feet per second through two upside down loops. Lamar Hunt, park chairman, says the ride makes other coasters tame by comparison.
MENTIONED IN THIS ARTICLE
Kansas City
Worlds of Fun Today
Lamar Hunt
Bicentennial Square
Hunt
Texas Millionaire
Kansas City Chiefs
National Football League
Jack Steadman
Worlds of Fun
Also Mentioned on This Page
Citizens Budget Commission
South Bronx
President Johnson
Johnson
Nixon
USA
Pluribus
Old North
Paul Revere
Beirut
Shay’s Cafe
Rollins & Railroad
Centralia
Bill’s Hodaka
West
Mexico
McGraw-Edison
Columbia, Missouri
Kitche
Manning-Bowman Portable Appliances
Agraham
Collec
Maza
Tres
Worlds of Fun Park
Pontiac
Clark
Nty
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