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New York City Aid Bills Move Ahead in Congress
Congressional backers push bills to stave off New York City default though a veto by President Ford seems likely. The New York Times reports a $4 billion plan leveraging $8.5 billion pension assets. lawmakers warn legal and financial hurdles could block aid. Senate panels may approve loan guarantees but face filibuster risk as Treasury Secretary Simon plans to testify against aid.
MENTIONED IN THIS ARTICLE
Washington
New York City
National Press Club
Congressional
New York
Ford
Senate Banking Committee