Word: slash
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Dates: during 1950-1959
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...brought it off was the brilliant young (37) technocrat Finance Minister Félix Gaillard, who made it clear that either France would live closer to its means or that he would quit. He first demanded that his fellow ministers slash 600 billion francs ($1.7 billion) from their next year's spending plans (TIME, Aug. 12). The Defense Minister spoke reassuringly of sticking "to my best estimates." Retorted Gaillard: "I cannot accept any estimates, I need guarantees." Sighed the Labor Minister: "He must settle-this crisis at any cost. If we allow Félix Gaillard to walk...
Gaillard urged a 5% tax boost on "unessential goods," from furs and motorcycles to radios and yachts. He wanted a reduction in state subsidies, which would probably result in a 10% rise in rail and subway fares and gas bills. And he demanded a 600 billion-franc ($1.7 billion) slash in government spending. "These measures may look severe to you," concluded Gaillard, "but they are barely sufficient." Even with these measures Gaillard was budgeting for a $2.3 billion deficit this year...
Bowing to the long-standing demands of the powerful U.S. independent oil producers, President Eisenhower last week told big oil companies to slash crude-oil imports "voluntarily" to a level 10% below their average imports from 1954 to 1956. This would cut current U.S. imports of foreign oil by about 20%. If the companies do not go along with the request-and three other similar pleas since 1955 have only been moderately successful-the Administration threatens mandatory Government controls. Grudgingly, most of the oil importers promised to cut back rather than risk controls. But oilmen will probably suffer less than...
With a White House blessing, Defense Secretary Wilson last week ordered the armed forces to slash their current authorized manpower (2,800,000) by 100,000, thereby enabling the Pentagon to reduce its 1958 budget needs by almost $200 million. To reassure U.S. allies abroad, especially NATO, Wilson carefully pointed out that the cuts could be made "without materially affecting deployments of major combat units abroad, including those in Western Europe...
...cost of Chile's austerity has been taken out of the pay envelopes of labor, already hard pressed by heavy taxes and a decline in real wages. In April a rise in bus fares provoked rioting that killed 22 people. A fortnight ago, when President Ibanez moved to slash government expenses by reducing the subsidies that held down the price of sugar and tea, the government accompanied the order with special instructions to the police on how to quell any rioting that might follow: sound a bugle three times at two-minute intervals, then break up the mobs...