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(Studio) President announces Phase IV of economic programs.
REPORTER: Harry Reasoner
(DC) Treasury Secretary George Shultz formally announces economic plan. [SHULTZ - says Phase IV is tough plan to curb inflation and stabilize prices.] [REPORTER - asks if Shultz knows how high food prices may go.] [SHULTZ - states no certain figure but alludes to very high prices. Says suppliers won't continue to produce if price leaves no room for profit. Must let prices go.] Freeze lifted on food, health service. Ind. may raise prices on limited basis and stretched over mos. Fuel ceilings in effect. No additional export controls. Wages continue to be raised on 5.5% guideline. No new tax increases planned.
REPORTER: Herbert Kaplow
- Kaplow, Herbert;
- Reasoner, Harry
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