Word: democratics
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Dates: during 1970-1979
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Then, ironically, two Washington Senators urging Lance's removal actually delayed any decision to resign. Democrat Abraham Ribicoff, chairman of the Senate Governmental Affairs Committee, which in January had unanimously confirmed Lance as OMB Director, and the ranking Republican, Charles Percy, visited Carter on Labor Day. They told waiting reporters, who had been tipped off about the visit by senatorial aides, that they had learned of "new allegations of illegality" against Lance. The Senators confirmed that the committee staff had interviewed convicted embezzler Billy Lee Cambell, who had claimed vaguely (and apparently never under oath) that Lance was "part...
Overdrafts Even friendly Senators on the committee pointed out that Lance's biggest problem was to explain why he, his wife LaBelle and relatives, as well as his 1974 campaign committee, had been allowed to write large checks that seriously overdrew their accounts. As Democrat Henry Jackson told Lance: "The man on the street comes up to me and says, I cannot have an overdraft, and he sees one after another ... I think this is the heart of your problem...
...Wellhead Tax on Oil It is designed to cut fuel consumption by lifting the price of U.S.-produced crude by 1980 to the higher world level charged by OPEC. The White House wants to rebate the proceeds of the tax to consumers. The House agreed. But last week Louisiana Democrat Russell Long, chairman of the Senate Finance Committee, said his committee "will not vote these big taxes" unless the receipts go not to consumers but for use in developing new sources of energy such as gas from coal. If the tax is passed without a rebate, consumer bills for fuel...
...through investing in common stocks or real estate. Also, the elimination of the capital gains break might do more to restrict the flow of funds available for much-needed business expansion than the more generous investment tax credits, and new break on dividends would do to increase new investments. Democrat Al Ullman, chairman of the House Ways and Means Committee, opposes reductions in capital gains-and that is just one indication of the big bruising battle that lies ahead...
...sharpest critic is Wisconsin Democrat Henry S. Reuss, the scholarly chairman of the House Banking Committee. In a letter hand-carried by an aide to Federal Reserve Chairman Arthur Burns two weeks ago, Reuss charges that the board "has lost control of the money supply." Reuss perceives at least two dangers to the economy: 1) "a real threat of nourishing inflation in 1978," 2) a deeper stock market slump, because investors may sell shares out of fear that the board will have to slam on the brakes suddenly...