Word: slashings
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Prime Minister Kakuei Tanaka ordered a 20% slash in tariffs on most imports of industrial and mining products. The average Japanese tariff will come down to 9.5% on consumer goods. In addition, the Tokyo government will let in more goods (computers, leather products, many foods) that are restricted by import quotas, and will make low interest loans to importers first rather than to exporters, as had previously been its policy. The government also has invoked an ordinance compelling companies to form cartels to restrict exports of products deemed to be winning foreign customers too rapidly...
...spending front, the Administration is asking Congress to set a $250 billion ceiling on expenditures this fiscal year. That would require a slash of at least $10 billion in the spending that otherwise would be likely, and would reduce the deficit by a like amount from the $35 billion now foreseen. If the President gets what he wants from Congress, he would have what Deputy Treasury Secretary Charls Walker calls a "retroactive item veto" over money bills that have already been passed. Aides are not saying what would be cut. Shultz pledges only that the Administration would not touch Social...
WASHINGTON--Secretary of Defense Melvin R. Laird said Thursday that Sen. George McGovern's proposal to slash defense spending by $30 billion "would signal to the world a drastic decline in America's will and ability to contribute to international stability...
...GEORGE MCGOVERN presidency would shake the Pentagon to its subterranean fallout shelters. He has proposed a $32 billion slash in the defense budget within three years and spelled out precisely how he would achieve it (see chart, next page). As he defended that position before a Joint Economic Committee hearing on Capitol Hill last week, it was apparent that arms is the area in which McGovern has been most specific and will not waffle. To support his point that national security is threatened less from abroad than by "the deterioration of our society from within," McGovern quoted President Eisenhower...
...next several years, Washington's economic managers face a dismal three-way choice: raise taxes severely, slash federal spending brutally, or countenance rapid inflation. That is the hard conclusion of a major new study of federal finance by the Brookings Institution, the nation's most prestigious private economic think tank. Release of the study last week immediately sharpened a basic campaign debate over the issues of how much social service Americans should expect from the Federal Government and how heavily they should be taxed to pay the bills...