The Bicentennial of New York City

City officials were desperate and sought a bail out from the federal government. But president gerald r ford didn't want to let them off the hook. After further negotiation, he eventually did grant a bail out. Ford later signed the new york city seasonal financing act of 19 75,. A congressional bill that extended two point three billion dollars worth of federal loans to the city for three years. In return, congress ordered the city to increase charges for city services., cancel a wage increase for city employees and to drastically reduce the number of people in its work force.