Word: billions
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Dates: during 1970-1979
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...most extravagant Christmas gift a bountiful Uncle Sam has ever given a U.S. company. Just before recessing for the holidays, Congress last week agreed to extend an extraordinary $1.5 billion loan guarantee to the ailing Chrysler Corp. and sent the measure to the White House for Jimmy Carter's signature. The gigantic bailout, dwarfing the $250 million Lockheed loan guarantee of 1971, is designed to save from bankruptcy the nation's third largest automaker and tenth ranking manufacturer (1978 sales: $13.6 billion). With Chrysler's losses mounting daily, its 1979 deficit is almost sure to exceed...
...example for a system in which the right to fail is as enshrined as the right to succeed. Moreover, if Chrysler cannot make a U-turn and start generating the profits needed to pay back its loans, the U.S. taxpayer could get stuck with a portion of the $1.5 billion tab. Assessing the action of his colleagues, Senator Barry Goldwater, the Arizona Republican who is a leading advocate of keeping government out of the private sector, called the bill "the biggest mistake Congress has ever made...
...measure, however, is far from a pure giveaway. For one thing, the loan guarantee is not a handout but simply the Government's pledge to reimburse private parties for the money, up to $1.5 billion, that they lend to Chrysler if the auto firm is unable to repay the loans. This promise should enable Chrysler to return to the money markets that have been closed for the past year. The automaker, moreover, will pay the Treasury an annual fee of at least 1% of the sum guaranteed...
That is largely a result of out-of-control government spending, which this year will produce a deficit of $4.3 billion in a budget of under $10 billion. Sadat will not cut defense outlays ($1.4 billion this year) until the last of the Sinai is returned after 1982, so he must trim the huge subsidies ($1.7 billion) used to hold down the cost of food and fuel, a vestige of Nasser-era socialism. Despite big hikes in the cost of imported wheat (Egypt produces less than 30% of its needs), bread has been held to 1?; a loaf, the same...
...when the government last tried to raise food prices (bread went to 2?), riots erupted that nearly toppled Sadat. But if the President is to get more foreign loans-he has said that Egypt will need $18.5 billion over the next five years-he needs the approval of the International Monetary Fund. The IMF has been pressing Egypt for economic reforms, particularly a cut in the subsidies, and it is sending a team to Cairo this month to see what progress has been made...