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Ford / Economy Proposals / Reaction #29026

ABC Evening News for Tuesday, Oct 08, 1974
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(Studio) President Ford presents economy proposals to joint congress meeting
REPORTER: Howard K. Smith

(White House) [FORD - states American must beat inflation now.] Ford admits it's politically unwise to discuss taxes before congress election, but he goes ahead anyway. [FORD - requests congress approval for 1 year 5% surcharge on corporate and upper-level individual incomes.] Tax increase to raise $4.7 billion. Ford to create public service jobs when unemployment exceeds 6%. Incr. in investment tax credit proposed along with plans to stimulate hsing., cut energy use and increase supply, enforce antitrust laws, produce more food, limit federal spending. Details of plans outlined. [FORD - urges every American to join in WIN program. WIN stands for whip inflation now.]
REPORTER: Steve Bell

(Studio) Capitol Hill reaction to Ford's proposals outlined.
REPORTER: Harry Reasoner

(Capitol Hill) Republicans and Democrats generally split along party lines over Ford's economy proposals. [Representative Carl ALBERT - believes economy plans worthy of congress consideration.] [Representative John RHODES - hopes economy package to be enacted.] [Senator Walter MONDALE - doesn't think Ford's specific recommendations carry much sustenance.] 5% surcharge unlikely to survive Congress

Bell, Steve;
Clark, Bob;
Reasoner, Harry;
Smith, Howard K.

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