NEW YORK: Whipping Up a Stew of Taxes

"We've seen so many cliffhangers that I don't get acrophobia when I look over a cliff," quipped New York Governor Hugh Carey last week. Once again he was peering into the abyss of default. The helping hand he had expected from Gerald Ford had not been extended. In a statement only a little less tart than in the past, Ford said that if more "progress" was made, he would "review" New York's situation this week and consider some kind of relief. What he appears to want is a comprehensive plan to restore fiscal...

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