US EditionPOLITICS: NYC is faltering — and a bailout from Washington is highly unlikely – U-S-NEWS.COM
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POLITICS: NYC is faltering — and a bailout from Washington is highly unlikely – U-S-NEWS.COM
This month marks the 50th anniversary of the New York City fiscal crisis of 1975. After years of budgetary and accounting shenanigans, the Standard & Poor’s ratings agency suspended the city’s A rating on its bonds, triggering a cascade of events that nearly resulted in the city filing for bankruptcy and only resolved when President Gerald Ford bailed out the city with federal loans. While pundits often misplay the notes of history to force a r…
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