Word: cutback
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Both professed deep concern for the poor, and particularly for Negroes. When McCarthy complained about a congressional cutback in funds for public housing, Kennedy went him one better by declaring that public housing is a failure anyway and repeated his belief in greater involvement by the private sector...
...retroactive to January 1 for corporations and to April 1 for individuals, should garner $10 billion in a calendar year to offset a deficit that could run as high as $25 billion - even after the cutback in expenditures - and bolster sagging international confidence in the dollar. During the second quar ter of 1968, the U.S. economy is expected to equal the first quarter's $20 billion leap forward in gross national product. With no rein on the economy, Johnson reasoned, inflation could lop 40 off every dollar's purchasing power during the year and help price U.S. exports...
Little Room. The principal roadblock, apart from popular feeling against tax boosts and congressional reluctance to raise the rates in an election year, has been the fiscal conservatives' demand for a substantial cutback in federal expenditures. With military spending still going up and the needs of the cities paramount in the minds of most liberals, there seemed little room for maneuver, even with a projected budget of $186 billion and a possible deficit of $25 billion (on top of a $24.6 billion deficit projected for this year). Massive cuts, liberals believed, would gut too many socially oriented programs that...
...West German economic resurrection. Although Italy's Fiat last summer overtook VW as the world's fourth biggest automaker (behind the U.S. Big Three), Volkswagen's total sales last year reached $2.3 billion, even after the West German recession of early 1967 forced a temporary 25% cutback in domestic production. Soon, the 14 millionth beetle will roll off VW's assembly lines...
...billion stand-by credit to help it get back on its feet. As one condition, IMF aides scrutinized and gave tacit approval to the draconian British budget introduced last week (see THE WORLD) before the Labor Government dared present it to Parliament. Had the IMF considered the British economic cutback too meager, it could have canceled the loan and so forced Britain at least to the brink of a second devaluation. The price Britain is paying for its profligacy is a partial loss of economic sovereignty to one of the most effective international organizations in history. Schweitzer considers...