Vanderbilt Television News Archive

(Studio: Dan Rather) Stk. Mkt. Report Report introduced.

(DC: Phil Jones) Washington, DC budget summit reported facing failure; scenes shown. [Representative Silvio CONTE - says crystal ball he brought to see future is a joke.] Agreement reported must be reached or automatic cuts will take effect. [President REAGAN - says he doesn't want those automatic cuts and there are hard choices to be made.] Reagan's compromise proposals shown. [Representative Mickey EDWARDS - says it was not compromise but surrender.] [Representative Robert MICHEL - discusses difficulty of working with the Democrats on matter.] House speaker Jim Wright reported trying to get legislature to delay budget cuts; details given, scenes shown. [WRIGHT - says today is D-day minus one.] Wright's proposal to delay cuts reported not well received by Republicans [Senator Phil GRAMM - says Democrats are going to panic the stock market and move United States toward a recession.] [White House chief of staff Howard BAKER - indicates his pessimism.] Agreement between Democrats and Republicans noted imperative.

(Studio: Dan Rather) Report introduced.

(DC: Bob Schieffer) Scenes shown of carefree shoppers. Need noted for deficit cuts after stock market panic. [Former commerce committee Peter PETERSON - says one year of budget cuts will not solve problem in the long term.] [Investment banker Felix ROHATYN - says there's no solution, only the beginning of a long road to recovery.] President Reagan asserting the need for budget deficit cutsiterated. [REAGAN - (in 1981) says problem must be faced.] Former budget director David Stockman's urging President Reagan to promote maj. spending cuts reviewed; scenes shown. Deficit depicted under Reagan admin. [Former presidential candidate Walter MONDALE - says next president must raise taxes.] Mondale's failure to win presidency reviewed. [ROHATYN - says US has become addicted to credit.] Taxation reported a possibility for deficit reduction. [Econ. David JONES - discusses what will happen if the budget deficit is not reduced.] David Stockman's comments regarding problem quoted.

(Studio: Dan Rather, Bob Schieffer) National debt and interest on that loan discussed.

(Studio: Dan Rather) Defense spending bill reported approved by Congress; details given. President Reagan noted expected to sign bill.