Word: counteracting
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Dates: during 1970-1979
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...Tokyo to Bahrain. The dollar plunged steeply on initial reports that Iran would withdraw its deposits from U.S. banks, then rebounded in nervous surprise at the news that Washington was freezing the assets before they could be withdrawn. When rumors circulated in Europe and New York that Iran would counteract the move by refusing to accept dollars as payment for its oil delivered to any nation, the U.S. currency began to gyrate all over again. Brokers and traders passed the week wearing looks of astonishment at what might come next...
Clinton, who served four terms on the school committee and one term, two years ago, on the City Council, said while condominium conversion provides more tax revenue, it decreases housing for poorer residents. A plan of vacancy decontrol and limitations of conversions in specific areas might counteract those problems, Clinton contends...
That decision, of course, meant an increase in gasoline and heating-oil prices, as well as in the overall rate of inflation. It also meant huge new profits for the oil companies. To counteract that, Carter proposed a profits tax that would leave the companies 29? out of every dollar gained from decontrol; he urged that the profits be spent on additional exploration and production. Kennedy angrily challenged the figure, asserting the oil companies would end up with far more. By week's end it was unclear whose figures were more accurate. But the Kennedy intervention emboldened House Speaker...
Increased financial aid will probably counteract part of the cost increase, he said. "About 40 per cent of our students receive some form of aid, and some of these students may need extra help to cope with the extra charges," Hartley said...
Carter seems to have decided the question in the oil companies' favor. His actions with regard to oil prices make a mockery of his anti-infaltion rhetoric, and probably more than counteract any decline in inflation that would be achieved by his budget cuts...