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Cong., President / Energy, Economy Programs #238841

CBS Evening News for Friday, Feb 28, 1975
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(Studio) Democratic Congress leaders take newly drafted economy and energy plans to White House to discuss possible basis for compromise with President Afterwards, both sides appear optimistic.
REPORTER: Walter Cronkite

(White House) President to consider postponing $1 per barrel tariff increase if compromise energy plan looks promising. Democrats' energy and economy plan compared with Mr. Ford's. [FORD - says administration willing to work toward compromise with Democratic Congress leaders] [Senator Mike MANSFIELD - believes compromise needed along with immediate action.] Sen John Pastore says if Congress can't come up with answer to energy problem within 60 days, President has right to raise tariffs on foreign oil higher.
REPORTER: Bob Schieffer

(Studio) House passes tax relief bill; bill in Senate now.
REPORTER: Walter Cronkite

(DC) Tax rebate bill carries amendment repealing oil depletion allowance; Senator Fin. Committee to debate bill next week and sentiment strong to approve only tax rebate. [Senator Russell LONG - doesn't think public wants Senator to consider tax reform proposals now; tax cut uppermost in Americans' mind.] Talk of compromise now in air.
REPORTER: Roger Mudd

(Studio) White House says President opposes repeal of oil depletion allowance, but stops short of threatening veto if it passes. American Petroleum Institute believes repeal of allowance to destroy incentive to dvt new domestic oil supplies. Economist Arthur Okun says economy in such bad shape, tax rebate should begin immediately with IRS (Internal Revenue Service) working round the clock to get them out. Okun believes likelihood of country heading for depression on incr.; unemployment could very well hit 9%.
REPORTER: Walter Cronkite

Reporter(s):
Cronkite, Walter;
Mudd, Roger;
Schieffer, Bob
Duration:
00:05:00

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