Word: importent
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...alternative way to cut imports without raising prices so much might be to put a flat quota on foreign oil, accompanied by some form of allocation or modified rationing to share out the reduced supplies. In order to minimize racketeering, any rationing ought to be coupled with what has been called the "white market"?a kind of legal black market in which people who had more ration coupons than they needed could sell them, with Government approval, to others who needed and were willing to pay for extra coupons. On the other hand, if Congress buys the argument...
...Congress, such as the so-called Jackson Amendment (see box). In declaring their 1972 trade accord with the U.S. invalid, the Soviets rejected by extension the Trade Reform Act signed by President Ford early this year. Thus the U.S.S.R. spurned lower U.S. tariff rates and $300 million in Export-Import Bank credits, while reneging on their agreement to repay $722 million in wartime Lend-Lease debts...
...Western Europe, the Soviets calculated that only the U.S. could provide the technology for such grandiose enterprises as the $5 billion truck-manufacturing complex on the Kama River. In light of this hunger for credits, Moscow was stunningly humiliated when the Senate tacked an amendment onto an Export-Import Bank bill setting the paltry $300 million limit on the amount that would be available to the Soviets. It was probably this amendment, sponsored by Illinois Democrat Adlai Stevenson III, even more than the emigration amendment tacked onto the trade bill by Washington Democrat Henry Jackson, that finally prompted the Russians...
...Senate votes to amend the Export-Import Bank bill to limit credits to the Soviet Union to $300 million. With the U.S. economy in danger, supporters of the measure argue, Americans are unlikely to favor mass subsidization of the Soviet economy...
...Henry M. Jackson (D-Wash.), a leading critic of Ford's energy program, said "no one up here that I know is advocating mandatory gas rationing." He said the President was trying to contend that rationing was the only alternative to import taxes."It's a straw man," Jackson said...