Word: loaned
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Dates: during 1970-1979
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...York City may be saved from officially defaulting after all. By the end of last week, the Federal Government had softened its stand against helping the city, and seemed in a mood to approve some $2.5 billion in loan guarantees or other assistance. The shift came after state and city officials had put together a program of new taxes, budget cuts, debt deferrals and bank and pension-fund loans to tide New York over the next three years until its budget is balanced. Said Treasury Secretary William Simon: "They are finally taking the tough steps that they have been saying...
...SENATE BANKING COMMITTEE did well last week in rejecting President Ford's nomination of former Congressman Ben B. Blackburn of Georgia to head the Federal Home Loan Bank Board, the federal agency responsible for overseeing the savings and loan industry. Blackburn's record during his four terms in Congress was that of an old-style racist--he opposed public housing subsidies, voted against open housing guarantees, and described voting as a privilege rather than a right. Since savings and loan associations make more than half the home mortgage loans nationally, and the Federal Home Loan Board is responsible for setting...
...public favored such assistance, while 49% were opposed. But a nationwide survey conducted by the New York Times and CBS after the speech indicated a turnaround: 55% of those polled approved of aid and 33% did not. A Harris poll revealed that the American people favor federal loan guarantees by a margin of 69% to 18% -if the city "balances its budget and such a plan would not cost the taxpayers any actual money." Pollster Louis Harris told congressional leaders: "The President's attitude of 'New York be damned' has changed the attitude of the American people...
...Little Rock, Ark.: "This won't buy more than a few light bulbs, but I like the lady in the harbor that belongs to all of us." Even George Wallace, who has smitten New York more vigorously than any politician alive, said that he would no longer oppose loan guarantees for the city...
Congress became bogged down again in its efforts to aid the city when the AFL-CIO announced its opposition to a $7 billion loan-guarantee bill approved earlier in the week by the House Banking Committee. The labor leaders objected to the provision that would empower the city's overseers to renegotiate contracts with the public service unions. The House then put off consideration of the bill for at least a week...