Word: importance
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Dates: during 1970-1979
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Carter talked about next week's economic summit and confessed that he went to Bonn feeling handicapped, with no energy legislation passed and Congress threatening to block any Administration import taxes on oil. He sounded his new tough note about such action. "For the Congress to take that kind of negative position, prohibiting me from exercising the prerogatives and authority Presidents have had in the past, would be a very unwise act. My guess is they will not do it, but even if they haven't, their intentions will be a factor...
...conservation, but the Senate has balked at the size ($12 billion a year by 1981) of the levy-one reason why the energy bill has been bottled up for nine months. Carter has warned that if the bill is not passed soon, he will put a $5-per-bbl. import fee on foreign oil, but the cantankerous Senate last week voted to restrict his power to do so. The House may not go along...
...hard-pressed country. If its spat with Peking becomes semipermanent, as seems possible, Hanoi will have to lean harder on its Soviet crutch. This month, for example, Viet Nam did not have the cash reserves to pay for the 2 million tons of rice it needs to import this year...
...supply and demand levied a heavy fine on the supermarket shopper. When average prices of beef cuts jumped from $1.63 per lb. in March to $2.09 per lb. in June-far faster than the cost of living-Jimmy Carter's advisers urged him to open the import gates...
...days later, Carter raised annual import quotas from 1.3 billion to 1.5 billion Ibs. Now that seemingly enormous amount works out to 1 lb. per American for the rest of this year and will probably clip a few pennies a pound off hamburger. Beef prices in general are expected to level out or decline a bit in the months ahead. But the psychological blow to ranchers has been devastating. The value of their cattle has dropped $6 billion since Carter's import decision, says McDougal, who adds, "We feel betrayed...