Word: congress
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Dates: during 1970-1979
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...back its loans, the U.S. taxpayer could get stuck with a portion of the $1.5 billion tab. Assessing the action of his colleagues, Senator Barry Goldwater, the Arizona Republican who is a leading advocate of keeping government out of the private sector, called the bill "the biggest mistake Congress has ever made...
...legislation. From domestic banks, financial institutions and other creditors, for example, Chrysler must find $400 million in new loans that would not be covered by the Government's guarantee. Because the fate of Chrysler's suppliers and dealers is so closely tied to that of the automaker, Congress insists that they contribute $180 million by such means as buying stock or extending loans. Similarly, the states and cities that benefit economically as the sites of Chrysler plants must kick in $250 million. An additional $300 million is to be raised by selling more of the company...
...this, the key requirement imposed by Congress is the contribution from Chrysler's workers. Although its blue-collar employees have already agreed to forgo expected wage increases amounting to $203 million in the next three years, Congress insists that an extra $259.5 million be cut. This will force Chrysler and the United Auto Workers to renegotiate the contract that they concluded in November. Said Senator William Roth, the Delaware Republican: "Our proposal would have to be ratified by the workers. Ultimately, it is up to them." White collar employees will also be hit; their wage packages...
...imports. Jimmy Carter wants the financing for his own more modest synfuels program to come from his proposed windfall profits tax; it would be levied on the increased revenues that U.S. oil companies have been earning since price controls on oil began to be phased out last June. But Congress must now wrestle with a Senate bill passed last week that would yield $178 billion in revenues by 1990 and a House bill that would raise some $277 billion. A compromise of $227 billion was agreed to last week, but details are not expected to be worked out before February...
...deficit may well be swelled by a tax cut, if not in 1980 then in 1981. Congress has many ideas for reducing Social Security taxes; on Jan. 1, they will rise from $1,404 to $1,588 a year for anybody earning $25,900 or more. The Board of Economists expects that, in all, taxes will be cut by about $30 billion, including a reduction of some $10 billion for business, probably in the form of liberalized depreciation. Though such a move would increase the deficit at first, it would soon after pay dividends. By helping to sharpen the nation...