1975 New York City fiscal crisis
1975 municipal debt crisis
In 1975, New York City had a severe fiscal crisis after accumulating $14 billion of debt, of which $6 billion was short-term debt. The city ran out of money in its budget, and had an operating deficit of more than $600 million, with some estimates placing the deficit at $2.2 billion. The city had a credit rating that excluded it from the credit markets.
The crisis was part of the 1973–75 recession. It was rooted in the large era of municipal borrowing during the 1960s. By the mid-1970s, New York City's government had large deficits. Despite large cutbacks to public services and en-masse firings of municipal employees, the city could not pay off the debts it had accrued, and almost defaulted by October 1975. A Municipal Assistance Corporation, and later an Emergency Financial Control Board, were formed to deal with the crisis. By 1976, the city had paid off its short-term debt, and the crisis was considered resolved by the early 1980s.
Background
Excessive borrowing
The city started running an operating deficit in 1961 under the tenure of Mayor Robert F. Wagner Jr..
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