Word: disasterously
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Dates: during 1970-1979
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The latest crisis-the fourth and worst brush with default since last spring -occurred when city officials had to come up with $477 million to redeem short-term notes, pay sanitation workers and meet other expenses-but had only $34 million in the till. This near disaster was primarily caused...
(4 of 12) determines to do something." Simon recommended that he be put in charge of a federal bailout "to determine that the city was irrevocably and unalterably on the path to fiscal responsibility before any aid could be given." He added: "Such aid should be so punitive in its...
President Ford, who has been drawing ringing cheers from audiences of businessmen by promising to get the Government "off your back," took a first step last week toward making good on his rhetoric. He sent to Congress a plan to loosen greatly federal control of airlines-the tightly regulated industry...
The future of government spending for social services is at stake, but not because New York's crisis shows such spending ends in disaster. It is at stake because Ford, conservatives, and entrenched corporate interests are trying to use New York to whip up a reaction against public spending. If...
But major Federal aid to the cities is not now the issue, and to let Ford make it so is to precipitate New York's collapse--and that of other cities. Ford uses New York as a symbol, and obscures what it really is--eight million people. Congress has been...