This is not the first time that New York City face bankruptcy. The year 1975, the city was spending and borrowing too much money to the point where they don't have anything to spend so wages must be frozen and jobs must be cut like what is happening these days cause of the sudden global economic downturn. Then-Mayor Abe Beame (1975) cried for help on the white house but was rejected by President Ford, prompting the famous Daily News front-page headline: "FORD TO CITY: DROP DEAD". Unlike these times where the city will expect a bailout to President Obama's proposed $819 Billion stimulus program hopefully .
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