For the mayors of many U.S. cities in this hot summer, the threat of ghetto riots is less of a worry than a newer danger: bankruptcy. At the annual U.S. Conference of Mayors in Boston last week, San Francisco's Joseph Alioto warned some 350 anxious municipal chiefs, "The seeds of New York are in every American city." To prevent a bitter harvest, the mayors called for yet more federal aid to augment increasingly burdensome local taxes. They urged Congress to pass President Ford's proposal to share $39.8 billion in federal revenues with...
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