US sees light at end of New York fiscal tunnel
New York City, recovering from near-bankruptcy five years ago, should not need federal loan guarantees after 1982, a Treasury Department official told the Senate Banking Committee Monday.
Assistant Treasury Secretary Roger C. Altman said the guarantees might be ended after 1980 if New York's financing agency, the Municipal Assistance Corporation, can get funds through the public bond markets.
Mr. Altman said New York had made good progress in cutting its budget and improving its accounting procedures. Mayor Edward I. Koch, scheduled to testify at the Senate hearing Tuesday, recently proposed a balanced city budget for 1981 , one year ahead of schedule.