Word: default
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Saved Again From the Jaws of Default...
...study predicts default would force...
Federal aid to New York City is imperative because a default on New York's debts would seriously damage national economic recovery, Otto Eckstein, Warburg Professor of Economics, said Thursday in testimony before the House Budget Committee...
...Federal Reserve Board, obliquely suggested that Congress draft a bailout program. He carefully noted to the Joint Economic Committee that the Federal Reserve lacks authority to help New York; only Congress can do that. Somewhat contradictorily, he continued to maintain that "the damage stemming from a prospective default is likely to be short-lived." But under questioning, he hedged and said that a default could trigger a recession. Added Burns: "If I were a member of Congress and a vote were taken today, I'd vote against help for the city. How I would feel two weeks from...
Then, if New York again teeters on the very brink of default, Congress can quickly debate, approve and send to Ford an orderly, well-considered rescue plan...