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1972 Budget #12670

ABC Evening News for Friday, Jan 29, 1971
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(Studio) Cost of living incrd. 5 1/2% in 1970. 1972 budget submitted to Congress; includes $11 1/2 billion deficit to help economy and employment.
REPORTER: Harry Reasoner

(DC) Budget set at $229.2 billion with only $217.6 billion expected income. Budget termed "full employment budget"; depends on inflation under control. [Budget Director Geo SHULTZ - says inflation receding in its thrust.] Depends on business expansion rather than recession. [SHULTZ - expect strong rise in economy] Depends on no more than 4% unemployment. [SHULTZ - expect unemployment figures approach full employment, 4%, end of 1972.] Largest portion budget for defense, $77.5 billion; various human resources projects total $96.1 billion.
REPORTER: Tom Jarriel

(Studio) Congress reaction to budget underwhelming.
REPORTER: Harry Reasoner

Jarriel, Tom;
Reasoner, Harry

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