Word: enactment
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Dates: during 1970-1979
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...Ford must sell his ideas to a highly critical crew of consulting physicians: the Democrats, who hold overwhelming control of Congress. The Democrats slapped together their own program for doctoring the economy, but it was an imprecise series of compromises that even party leaders concede will be tough to enact (see box page 19). Still, in announcing the program, House Speaker Carl Albert of Oklahoma said: "We mean business. We intend...
...Democrats enthusiastically agreed on the need for a big and fast tax cut. Indeed, within a couple of months they may well enact a deeper slash than Ford has asked. But they fear that the President's energy proposals would push prices .so high as to destroy the purchasing power that the tax reductions would create. Democratic Senator Adlai Stevenson III of Illinois estimates the chances of Ford's energy program getting through Congress as "zero...
...President will start by using his power to impose a $1-per-bbl. tariff on imported petroleum beginning Feb. 1, then raising it to $2 on March 1 and $3 on April 1. He also will ask Congress to enact a $2-per-bbl. tax on U.S.-produced crude, and an equivalent amount?370 per 1,000 cu. ft.?on natural gas piped across state lines. If and when Congress agrees to that, the tariff on foreign crude would drop back to $2. Finally, Ford plans to remove all price controls on domestically produced oil on April...
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...
...range of autos that a manufacturer offers the public in 1980. The Administration will not ask for mandatory legislation, since automotive executives agreed to meet the goal at a recent meeting in Washington. If they fail to comply, however, the White House is expected to ask Congress to enact a law requiring the minimum mileage. In return for their cooperation, the Administration will ask Congress to grant the auto companies an extension of the deadline, from 1977 to 1981, for further purification of exhaust emissions?perhaps an overgenerous amendment to the Clean Air Act. But the companies argue that they...