Word: slashings
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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...
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...
...Minister John Diefenbaker flew home from the Commonwealth Prime Ministers' conference in London last week, where he had persuaded the other delegates to start mapping ways to broaden trade within the Commonwealth. In Ottawa he announced a drastic Canadian proposal to carry out the Commonwealth trade speedup: a slash in imports from the U.S. of 15% ($625 million a year). Canada would make up the difference-"mainly capital goods"-from Britain instead. With Canada's wheat surplus ripening into his worst domestic worry, Diefenbaker also attacked U.S. wheat export "giveaways," which insist that importing countries guarantee "certain fixed...
...Development Loan Fund for providing loans to underdeveloped countries. Last month the Senate voted resounding endorsement (57-25) for the plan. Last week the House Foreign Affairs Committee turned thumbs down on the Administration request, insisted on sticking with the year-to-year tradition, and recommended a $400 million slash below the $3.6 billion the Senate had authorized to get the fund going. Congressional leaders expect the full House to go along with the committee...