Word: stopgaps
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...Interstate Commerce Commission proposed $150 million to $200 million a year in stopgap aid and imposition of a 1% tax on all rail, truck or barge freight movements in the country, with the aim of raising another $400 million a year to keep the Northeast railroads running. The next day President Nixon's new Secretary of Transportation, Claude S. Brinegar, rejected the idea of a federal bail-out and proposed instead a kind of freight version of Amtrak, the quasi-Government corporation that runs long-distance passenger trains (TIME, March 26). Brinegar would create one or more corporations, with...
...London Times called the budget "more valorous than prudent" and added: "It is certainly incautious, and we fear that it is ill-judged." To most political observers, it seemed to be a stopgap tactic for holding consumer support while the government tries to make its stern economic controls work. As one economist put it, "The budget is really a piece of fiscal sugar to sweeten public acceptance of Stage...
...Stopgap Measures. He had not reckoned with the State Supreme Court, six of whose seven judges are Republicans with a well-deserved reputation for judicial conservatism. In a 5-2 decision last month, the court ruled the income tax invalid. Because the tax was graduated, the majority held, it violated a provision in the state constitution requiring that "all taxes shall be uniform on the same class of subjects...
Since the decision was handed down, the Shapp administration has been scrambling desperately to stave off bankruptcy. It has resorted to various stopgap appropriation measures and to short-term borrowing. In the meantime, it has helplessly accumulated a debt of more than $200 million. Shapp is not sure whether the government will have to refund the taxes it has collected to date or whether it can use them as credit toward some alternative tax that will be acceptable to the state court. Says the Governor's financial aide, Ed Simon: "We're right back where we started when...
Last week the immediate crisis was not so much overcome as temporarily alleviated by a mélange of stopgap measures. After a round of emergency meetings, climaxed by a 20-hour marathon session of Common Market finance ministers in Brussels, European governments were unable to unite on the most urgent question: how to revise the exchange rates of currencies that were plainly undervalued. As an alternative to joint action, the dollar values of five important currencies were changed in three different ways...