Word: enaction
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...high-ranking member of the Federal Energy Administration: "The Democrats will have to sit down and talk with us. They'll realize they can't get away with just throwing up roadblocks. The ball will be in their court." But if the Democrats override the veto and enact their own program, the President will be able to claim that he at least prodded them into action. Said Ford: "If we hadn't been tough, we wouldn't have gotten this far this fast...
ENERGY. Jackson first and presciently warned of the coming oil shortage in 1971; two years later, he urged that Congress enact a $20 billion program for energy research and development. He believes that the answer to the problem lies in increasing domestic production rather than in cutting demand heavily to reduce imports. Jackson would have Congress roll back domestic oil prices. He thinks that the companies' profits are so high that a substantial price cut -he has not settled on a figure-would still leave the incentive to increase domestic exploration and drilling. Oil company executives argue that...
...public money spent in the state is raised at the local level, primarily through real estate taxes. Affluent towns end up with the lion's share of the pie, while poor areas struggle under the inequitable system. Part of the problem is that state legislatures have refused to enact a state income...
Veto Vow. Many economists feel that considerably more stimulus is needed: perhaps a net tax reduction of $20 billion or even $25 billion (see story page 22). Congressional Democrats agree: they are likely to enact a tax rebate quickly, but a larger one than the President asked and in somewhat different form. The Democrats aim to give more of the rebate to lower-and middle-income taxpayers, partly for reasons of equity, partly because those people can be more reliably counted on to spend the money rather than put it in the bank. Congress might, for example, make the rebate...
Congress might also raise federal spending more than Ford plans, thus pumping still more money into the economy. Ford in his State of the Union speech vowed to veto any new federal spending programs that Congress might enact. But spending on several costly programs, including military pensions and Social Security payments, is tied to the movements of the consumer price index. Those outlays will rise automatically, well beyond the 5% limit that Ford proposes, unless Congress actively votes to hold them down, and there are few things that a liberal Democratic Congress would be less likely...