Word: cutbacks
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...most hostile report of all concerned one of the oldest controversies of McNamara's Pentagon tenure: his 1961 cutback on funds for big bombers and his subsequent decision to replace them in the next ten years with the FB-111, a flashy (Mach 2.5) modified fighter...
...that voter apathy would be the Democrats' biggest problem this year. Moreover, the National Committee headquarters has been reduced in size and deprived of much of its authority by the White House; and National Chairman John Bailey has little entree to the President's office. The staff cutback was attributed to economy; the Democrats still owe $2,400,000 from the 1964 election. Arthur Krim, president of United Artists Corp., was appointed finance chairman to head a $5,000,000 fund drive to pay off the old lOUs and bankroll this year's activities...
...economic adviser, complained that the Government is making "excessive use of monetary weapons and insufficient use of fiscal tools," called for a "modest" tax hike "to cool down the economy." Of eleven experts who testified before a subcommittee of the Senate-House Joint Economic Committee, three urged a cutback in Government spending and eight favored increased taxes, but all wanted some form of fiscal restraint to avert inflation. "Without an increase soon," said Yale's conservative Henry C. Wallich, "we will run into very serious problems...
...only $1.6 billion instead of the hoped-for $2.5 billion. Federal spending outside the war, Great Society programs, and interest on the national debt will be trimmed by $2.3 billion. One notable victim is the space program, which will receive $300 million less than last year, suffering its first cutback in the eight-year history of the National Aeronautics and Space Administration...
Costly Shows. Jan. 1, 1966 also brought some tax sweets along with the sour-at least in theory. In the second stage of a long-term Government rollback on excise taxes, cuts from .04% to 20% went into effect on items from stock transactions to club dues. The first cutback, effective last July 1, influenced such merchandise as furs, jewelry, leather goods and photographic equipment. According to government studies, manufacturers in their pricing passed 90% of the benefits of that $1.8 billion cut along to consumers. This year's cutbacks, which will cost the Government $1.6 billion more...