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...stamps, child nutrition, welfare, Medicare, Medicaid, aid to education-that did not go as deep as Reagan wanted. In O'Neill's words, the Democrats "cut them off at the knee instead of cutting them off at the hip." The Democrats substituted reductions in other programs-Export-Import Bank loans, for example...
...restored during floor debate. Examples: ending college loans for families making more than $25,000 a year and cutting off "impact aid" to school districts that serve federal facilities, primarily military bases. Other committees met their "goals" by proposing to close 10,000 post offices, abolish the Export-Import Bank and eliminate a program that provides meals for the elderly. "That's the kind of junk we are facing," said one presidential aide...
Around Mitsubishi headquarters, the arrangement with Chrysler became known as "a serious faux pas." Earlier this year, the company finally succeeded in pressuring Chrysler into relaxing its marketing hold by offering the ailing automaker import-financing help of up to $150 million a year. Beginning in the fall of 1982, Mitsubishi will be able to set up and operate its own U.S. dealer network, as well as sell cars and trucks through Chrysler outlets. Even so, it may not be until 1983, and the end of voluntary import restrictions, that Mitsubishi can push its export drive into high gear...
...imposing the embargo, although as one U.S. official put it, "I am sure they are thinking it." The Soviets, however, gave no indication of just how much of the 6 million additional tons of grain they might buy before Sept. 30. Moscow has satisfied nearly all its grain import needs for this year by relying on Argentina, Canada and Australia. The Soviets are looking forward to a better than average domestic crop in 1981 after two poor harvests in a row. The U.S. Department of Agriculture, however, estimates that Moscow will fall short of its goal of 236 million tons...
Most damaging of all, Tumlir warned, the protectionist illusion puts dangerous strains on the international financial system. The industrialized countries export three times as many goods to the developing countries as they import from them...