Word: deficits
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Dates: during 1960-1969
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...Americain [It is argued] that the Americans are buying Europe with their balance of payments deficit; that the technological gap and the brain drain together represent a new form of imperialism; that all this comes from the export of Mr. Galbraith's modern industrial state. A brilliant Frenchman, M. Servan-Schreiber, recently published a book about all this which he calls Le Deéuú Americain [The American Challenge; TIME, Nov. 24]. He rejects any protectionist or negative reply by Europe to this challenge. He recognizes that the challenge is inescapable...
...much they will be asked to sacrifice. Partly in order to get a $1.4 billion credit from the International Monetary Fund, Britain vowed to continue tight wage controls, promised to make heavy cuts in its budget and to take any further steps necessary to reverse its balance-of-payments deficit...
...week, under pressure from Congress, President Johnson offered a further cut of $2.6 billion by paring 10% from outlays for "controllable" programs and 2% from personnel costs. Even with that, federal spending in this fiscal year will climb to $136 billion, as measured by the administrative budget, and the deficit will be close to $20 billion-highest since the World War II era. That threatens to tighten credit and increase interest rates, raise consumer prices and debilitate the dollar. Obviously, the budget must be cut still further...
Boston University sophomore Jim Hayes dropped in two driving lay-ups in the last 35 seconds of the game, as the Terriers overcame a 14-point deficit and upset Harvard, 78-77, in Saturday's season opener...
...Larger Sense. Devaluation may enable Britain to boost its exports (notably autos, appliances and aircraft) enough to erase a quarter of its trade deficit, but it will hit the pocketbook of every Briton. Grocers warned that food prices will rise at least 5%, starting with imported fruit, meat and vegetables. The cost of living normally jumps when food-importing Britain devalues. This time the price increases seem likely to touch off a new round of wage demands that Prime Minister Wilson, no longer armed with pay-freeze powers, will have trouble restraining. Promising that his complex web of economic restrictions...