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from ford walking in
statement..comments on city problems and efforts to balance budget on his own opposition,
import to restore fiscal integrity; hope of city old face responsibilities..still hope. it is much closer to reality than last spring, frankly surprised they have comes so far. more on his position,
meaningful cuts in s pending have been made, new taxes voted, payment to noteholders postponed and interest payments delayed, banks ha e agreed to wait collect on loans and accept power interest, etc re other steps
re reforms...c/w/this a realistic reform, wants to comment all involved, closely watching progress. in next few months will not have enough funds to pay bills.
nyc reps have informed they have acted in good faith but still need borrow money to provide essential sources. i have decided to ask congress for authority to provide temporarily line of credit to state to provide financing. their will be conditions, cites conditions: seasonal basis on loans; loans be repaid in fully yearly, no cost to taxpayers, c/w/ nyk officials must accept primary responsibility. if local parties fail to carry out plans, prepared stop even seasonal assistance.
comments on lesson learned by nyc, country..re spending more than it takes in philosophical note. nyk finally taken tough decisions.
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