User:Schmosam/sandbox

Abraham Beame notes:

https://www.newyorker.com/news/news-desk/the-night-new-york-saved-itself-from-bankruptcy

~Article about Beame and the Fiscal Crisis of 1975~

October 16-17, 1975.

The City of New York was in debt of four hundred and fifty-three million dollars. Beame makes a statement on October 17, notifying that the city has insufficient cash on hand to meet the debt obligations due for that day. He goes on to say that we (citizens of New York City) need to take immediate steps to protect the essential life support systems of the city and to preserve the well-being of all NYC citizens. President Ford at first turned down New York's request for a loan, inspiring the legendary heading in The Daily News titled, "Ford to City: Drop Dead." However, President Ford would later approve federal support for New York.