Word: hike
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...stock market shuddered through its worst fall since 1962. Amid these conflicting currents, Lyndon Johnson continued to ponder one of the toughest decisions of his presidency: whether to raise taxes to forestall the kind of inflation that would inevitably lead to a downturn later or to avoid a tax hike for fear that it would hurt business this year...
Detroit's Downturn. Even if Johnson eventually calls for a tax hike, he will have trouble selling it to Congress during an election year. So far in 1966, Congress has aggravated the inflationary danger by appropriating $3 billion more for nonwar spending than Johnson asked for. House leaders contend that they will not support a tax hike unless Viet Nam spending swells enormously-which it may well do. Appropriations Chairman George Mahon believes that Viet Nam "is going to cost us many billions more than asked for in the fiscal 1967 budget...
...national product jumped $16.9 billion in the year's first quarter, to a record annual rate of $714 billion, gave Washington's economy watchers an acute case of the jitters. It heightened fears that the economy is inflating too fast and that President Johnson may have to hike taxes to slow things down...
...Sacrificial Goats." The interest hike got few cheers from anyone. "We don't want to be sacrificial goats in the effort to curb inflation," grumbled President Larry Blackmon of the National Association of Home Builders last week. "We believe other sectors in the economy should share in the restraints...
...Republicans obviously intend to make spending a major issue in this fall's campaign. If the Administration does not cut spending, says Minority Leader Gerald Ford, a tax hike is inevitable, and that "will hurt Democrats and help Republicans in November." Johnson is keenly aware of the issue's potency-and so far has handled it with considerable skill. Some Johnson buffs are convinced that he has intended all along to ask for a tax increase but has held off so as to get himself in the position of being urged to ask for one. If he feels...