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Economy / Phase II / Connally #213684

CBS Evening News for Friday, Oct 08, 1971
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(Studio) Treasury Secretary John B. Connally explains phase II. President Nixon says he'd like to cut inflation to 2 or 3% per year Whole new government structure to work under Cost of Living Council
REPORTER: Walter Cronkite

(DC) Connally tries to reassure labor leaders with regard to pay board independence. [CONNALLY - says wages and prices will be pay board's responsibility. If bds. do permit exorbitant plans, action will be taken; hopes Meany will be on board] Connally says companies and unions to be divided in 3 pts.; biggest to need advance approval for wages and prices; medium sized get approval afterwards, with possible rollbacks; small business subject to spot checks. [CONNALLY - says 1st category composed of big and strong companies; talks of halting inflationary psychology.] AFL-CIO President George Meany says he recd. information that pay board will be free of control. Admin. says he misunderstood; sets emergency meeting for Tuesday [MEANY - speaks of meeting due to different interpretations of pay board; cites Sec. James D. Hodgson and Director George P. Shultz as sources of different information Connally didn't clear up questions.] [UAW President Leonard WOODCOCK - doubts if any labor representative will serve on board subject to veto.]
REPORTER: Daniel Schorr

Reporter(s):
Cronkite, Walter;
Schorr, Daniel
Duration:
00:06:10

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