NEW YORK — Former New York Gov. Hugh Carey, who led the rescue effort that brought New York City back from the brink of bankruptcy during its 1975 fiscal crisis, has died at age 92.
Carey died early Sunday at his summer home on New York's Shelter Island, Gov. Andrew Cuomo said.
The Democrat went to the governor's mansion in Albany after seven terms as a Brooklyn congressman. He pushed for job programs and increases in welfare and unemployment benefits.
New York City's finances were in such a mess in early 1975 that banks refused to lend it more money. Carey enlisted support for a rescue plan that included strict oversight of all the city's spending. He then won federal loan guarantees from the Ford administration that secured the plan.
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