New York City Financing Legislation Statement on House Action Approving Guarantee Legislation.

I am extremely gratified by the responsible action of the House of Representatives in approving guarantee legislation which will assist New York City in meeting its financing needs.

I believe that the overwhelming House majority reflects its awareness of the progress that the city has made, as well as its recognition that the city's financing problems require a permanent solution.

It is my strong view that the enactment of the legislation supported by the administration is the appropriate course to avert long-term Federal dependency and restore New York to financing self-sufficiency.