Word: important
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...entire raw materials issue at a series of international meetings this year, including a special U.N. session in September. British Prime Minister Harold Wilson advocates agreements to stabilize the prices of no fewer than eleven commodities, presumably figuring that such pacts would add less to Britain's import bills over the long run than further uncontrolled price swings...
...focus spreads to certain foreign sources of capital that have never been approached before. For instance, Peterson's office is charged with completing the drive for $15 million for a Japan Institute. In the academic year 1973-1974, the Japanese companies of Nissan, Toyota and Mitsubishi (a Japanese export-import firm) gave $2.5 million while the Japanese government provided $1 million. Lately, however, funds for the institute have begun to dry up and Peterson's office has had to increase its efforts...
Ford said that effective June 1 he would double the $1-per-bbl. import tariff on crude oil that he imposed in February, and add a new 60?-per-bbl. levy on imports of refined products like gasoline and heating oil. A third $1-per-bbl. increase is yet to come. Ford pledged again to send Congress a plan for gradually decontrolling all U.S.-produced oil; about two-thirds of it is now price-fixed...
Some lawmakers are already prodding the Democratic leadership into trying to block Ford's plan shortly after Congress returns this week from its ten-day Memorial Day recess. In March, Ford vetoed a bill suspending his authority to raise import fees. So, blocking the tariff boost now would require a two-thirds majority in both House and Senate; a coalition of Republicans and oil-state Democrats could well sustain the veto. The decontrol proposal is far more vulnerable; it could be shelved by a simple majority of either house within five days after being received...
...Congress. Bit by bit, all the tough provisions were softened in committee until the final bill resembled what White House Press Secretary Ron Nessen called a "marshmal-low." Liberals objected to the gasoline tax. Representatives from oil states did not like the windfall-profits tax. New Englanders protested the import quotas. Congressmen with ties to the auto companies and the United Auto Workers reduced the tax on big cars. Ullman's bill faced at least 100 amendments. Giving up, the House leadership put off consideration of the measure until Congress returns from recess on June 2. But even then...