Word: vails
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...later this month. In addition, the Administration has also apparently given up on trying to cut the budget in an attempt to quell inflation. That decision alone, tentatively taken after two days of intensive discussions between Ford and his economic advisers at the President's vacation chalet in Vail, Colo., could mean that the federal deficit for the fiscal year beginning next July will swell to a massive $35 billion. The fact that the Administration is even contemplating such a deficit, which would be by far the biggest in U.S. peacetime history, shows that Ford is coming around, despite...
Most key White House officials now agree that a moderate tax reduction of, say, $10 billion to $15 billion would get a swift and needed injection of purchasing power into the economy. There was also general agreement at Vail to pair such a tax cut with an energy-conservation package built around excise taxes on crude oil and natural gas (see following story...
While the debate over antirecession policy will continue, the Administration has all but decided on its basic approach to a closely related problem: reducing the U.S.'s dependence on costly imported oil. At Vail, Colo., President Ford and his advisers just about buried two widely discussed options. Though many of the advisers favor an increase in gasoline taxes because of its simplicity, none have been able to sell it to Ford, who is apparently opposed to measures that would affect a huge group of consumers-in this case, motorists. Partly for that reason, Ford has also ruled out World...
Basically, what emerged from Vail was a general agreement within the Administration to deal with the imports problem through a market approach. In essence, that means reliance on higher oil prices to encourage both a reduction in consumption and a sharp step-up in efforts to develop new domestic sources of crude oil. A rise in prices would be achieved in part through a removal of controls on the cost of domestic crude oil. But the main tool of the emerging Ford program would be excise taxes paid by oil companies on all natural gas and crude oil refined...
...back injury. Not having his wife with him on the slopes was one of the few flaws in Ford's week. Still, a good time was had by all. At one point, a local resident told Ford, "We're really proud to have you here in Vail." Replied the President with a grin: "You make me justice of the peace and I'll quit...