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(Studio) President Ford vetoes hsing. bill. Ranking House Democrat Carl Albert says there aren't enough votes to override bill. President Ford announces own counterproposal with regard to hsing.
REPORTER: Walter Cronkite
(White House) [PRES. - says he's vetoing hsing. bill because it's inflationary.] Ford hsing. proposal incls. releasing $2 billion in previously appropriated funds in order to continue existing mortgage loan programs; requests Congress to appropriate $7 3/4 billion for further programs. [Representative Henry REUSS - says President's program is snare for unwary; to cost 5 times as much as House bill, but of course President doesn't intend to use $2 billion for hsing.; details given.] Although House Democrats angry, little will be done.
REPORTER: Bob Schieffer
(Valencia, California) Construction rare sight in California; bleaders and construction workers had counted on hsing. bill. [Carpenters Union Paul MILLER - says 35%-40% of his union members out of work at present time.] Real estate people also express disappointment with President's veto.
REPORTER: Terry Drinkwater
- Cronkite, Walter;
- Drinkwater, Terry;
- Schieffer, Bob
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