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Phase II would come when the enemy was prepared. When would that be? "The conclusions of the Commission ... fix as the target date by which we should have an air arm capable of dealing with a possible atomic attack on this country at Jan. i, 1953. For convenience we will refer to this date...
...announced, steel production had passed the Cripps target of 14 million tons. Textile production was higher than at any time since war's end. Exports of engineering products such as machinery, vehicles and electrical goods were at twice the 1938 volume. Coal output fell only 300,000 tons short of the 200-million-ton target...
After bestowing this benign "Well done," Cripps wagged a grandfatherly finger. Even if British production reaches his target-140% of the prewar level-the trading deficit with the U.S. will be running at about $1 billion a year. Without Marshall Plan aid, he warned, Britain's dollars and expendable gold reserve will be exhausted by midsummer. Then Britain will "be driven back upon a policy of immediate self-preservation." Cripps meant that, without further U.S. aid, Britain would have to cut off U.S. food, raw material and machinery imports, fall back on barter pacts with other countries...
Meet the Press (Fri. 10 p.m., Mutual). Target: Congressman Harold Knutson...
Even Arthur Vandenberg, staunchest champion of a bipartisan foreign policy, was not committed to ERP in its entirety. This week the President agreed to one Vandenberg suggestion: the Administration bill would be modified by eliminating the $17 billion, four-year target figure. Instead it would simply have a clause approving the four-year program in principle, and authorize a $6.8 billion appropriation for the first 15 months only. The way things looked now, the Administration would be lucky to get an authorization for as much as $5 billion. And it could not expect to get final congressional approval...