Word: offsets
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Brown's piercing rejoinder was typical of his performance at the Senate hearings, where he has emerged as the most effective SALT seller. While Brown has urged approval of the accord, he stressed that U.S. military forces must be bolstered to offset Moscow's continuing arms buildup. That SALT II would be no substitute for accelerated U.S. defense spending was argued even more strongly by five other witnesses, the Joint Chiefs of Staff. Chairman David Jones warned the Committee against "the risk that SALT II could be allowed to become a tranquilizer to the American people." Said...
...Strategic Storage. One of the most critical functions given to the department was creation of a strategic petroleum reserve, a 1 billion-bbl. oil stockpile designed to offset shortages created by such interruptions as the Arab oil embargo of 1973. But when Iranian production was cut earlier this year, that reserve, which was supposed to stand then at 250 million bbl., had reached only 60 million bbl. Incredibly, DOE had not installed the pumps necessary to retrieve the oil from the Louisiana salt domes into which it was being pumped. Those pumps were finally installed last month...
...Chrysler really loses $400 million this year, it could collect as much as $186 million. That is the amount it might have had to pay on a $400 million profit, assuming the usual 46% corporate tax rate. If Chrysler makes money again, it would not be able to offset those earnings with this year's loss, and the Treasury would start to get its money back from Chrysler's higher taxes. A dispensation from the loss carry-forward provisions stands a fair chance in Congress...
This summer marks the fourth year the school has recruited secondary school students, a move taken to offset a decline in enrollment dating back to the early '70s. Michael Shinagel, director of the Summer School, said he expects over 550 secondary school students to attend the school this summer. By far the largest groups of students come from New York, California, Massachusetts and New Jersey, but the group includes eight students from Iran, as well as students from Japan, Nicaragua, Greece, Italy, Korea, China, Taiwan, France, Venezuela, Canada and other countries...
...making profits. It has already delivered 281, received firm orders for 49, and taken options-which buyers could still cancel-for 50. Last year the Douglas commercial-plane side, which McDonnell had acquired in 1967, lost $60.3 million, mainly because of unrecovered DC-10 costs. This was more than offset by the pretax profit of $281 million earned by other departments, primarily the McDonnell military division, which makes the F-4 Phantom, F-15 Eagle and F-18A Hornet fighters...