New York's Olympic Hope Fades

New York's Olympic hopes fade in one day

Officials pushing New York City's olympic bid are vowing not to give up following a decision that puts its centerpiece Manhattan stadium in jeopardy.

Yesterday, a state panel refused to approve 300 million dollars in public funding for the two billion dollar stadium.

Mayor Michael Bloomberg says without the facility the city "would be very unlikely to be selected" to host the 2012 games.

However, the president of the New York Jets, whose team would also use the stadium, says "Four years of hard work and planning will not be washed away in a single day." And a spokesman for the United States Olympic Committee says officials are studying how to proceed.