ABC Evening News for Monday, Dec 11, 1972
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(Studio) Treasury Secretary George Shultz announces Nixon plans to continue wage and price controls.
REPORTER: Howard K. Smith
(White House) President announces Phase III, which will aim at holding fed. spending to $250 billion by impounding funds already authorized by Congress Nixon freezes executive level pay. SHULTZ - rules out returning to voluntary controls.] Chairperson Wright Patman of House Banking Committee promises early hearings on request for extending controls. Democrat major in Congress Joint Econ. Committee issues report sharply disagreeing with White House and saying controls have not helped unemployment. Report recommends end of controls.
REPORTER: Tom Jarriel
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