Word: billion-plus
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...Risks. Many steelmakers argue that foreign competition actually obliges them to raise prices to finance their ambitious $1 billion-plus modernization program to build automated plants and highly productive basic oxygen plants, and thus catch up with more efficient foreign producers. The industry's profits dropped last year to a ten-year low of $583 million. Saddled with much outdated plant, Wheeling fared worse than most, earning only 3.09% on sales v. the industry average...
First he got mad at Arkansas Democrat John McClellan's Senate Subcommittee on Investigations. The group was looking into McNamara's choice of General Dynamics Corp. for a $6 billion-plus contract to build a new fighter aircraft, the TFX, for the Air Force and the Navy. Washington's Democratic Senator Henry ("Scoop") Jackson had called Deputy Defense Secretary Roswell Gilpatric to explain that the voters back home-who will get a crack at Jackson next year-expected an investigation, since Seattle-based Boeing Airplane had lost the contract. But Jackson said the probe would be brief...
MANY U.S. military men agree that $41 billion a year is enough to buy adequate defense for the nation, but few believe that the $41 billion-plus budget for fiscal 1961 is going to buy the best or even adequate defense. Though drafted over months of round-the-clock work by able planners, the proposed defense budget leaves the U.S. with cause for rising worry over how much security it gets for its tax dollar. Reason: the 1961 budget, like many of its predecessors, represents slow compromise with the fast, uncompromising changes of modern-weapons technology. Result: it spreads...
...because of their great expense, and because a sudden attack would leave little time for people to get to safety. This meant turning down a program advanced by onetime Civil Defense Administrator Val Peterson, who startled the Administration early this year by announcing that civilian salvation lay in $34 billion-plus worth of heavy, blastproof bomb shelters. Some authorities, like Scientist Edward Teller (TIME, Jan. 21), even envisaged a vast underground network where men could survive for an indefinite time after an attack. Civil Defense Administrator Leo Hoegh (who replaced Peterson last July) has, like the Gaither committee, virtually abandoned...
Many economic experts, both Indian and foreign, feel that the second five-year plan was unrealistic and overambitious from the outset. For one thing, the plan's framers drew it up on the assumption that foreign loans and investments would cover a $1 billion-plus shortage. Because of this, there was no real effort to force domestic production into exports to help make up at least part of the deficit. Also, worldwide inflation has already boosted the original estimated cost of the plan from $10 billion to $12.6 billion. A less tangible but equally important reason for the plan...