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Economy: Budget Agreement / Stock Market #313577

CBS Evening News for Friday, Nov 20, 1987
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(Studio: Dan Rather) Report introduced.

(DC: Phil Jones) Deficit reduction plan announced in DC; details given, scenes shown. [Representative William GRAY - hopes there will be agreement regarding the plan.] Budget summit negotiators reported meeting with President Reagan. [REAGAN - says deal is not exactly what he had wanted but it's a good beginning and is fair.] [Representative Jim WRIGHT - says nobody gets everything he wants.] Deficit reduction plan shown. Probability of Congress agreeing to plan discussed. [Representative Robert MICHEL - says it will be a problem.] [Senator Robert PACKWOOD - says the world will wonder if this plan is the best the US can do to rectify the situation.] [Senator J. Bennett JOHNSTON - says plan is fair.] Cuts reported being scheduled to begin automatically under the Gramm- Rudman law. Congress passage of deficit reduction plan noted to nullify automatic cuts.

(Studio: Dan Rather) Report introduced.

(DC: Bill Plante) President Reagan's reactions to deficit reduction plan discussed. Plan's impact noted regarding stock market White House officials' comments quoted respecting need for further cuts and other problems with the proposed agreement. Plan being effective for 2 years and this Congress not being able to legislature for the next one reported as problems the government must overcome. Reagan mentioned liking fact that less defense cuts were made under deficit reduction plan than under Gramm-Rudman and taxation will be excise instead of income.

(Studio: Dan Rather) Report introduced.

(NYC: Ray Brady) Deficit reduction plan's effects discussed on stock market President Reagan's assertion that Wall Street should be blamed for panic noted. [REAGAN - says a farmhand knows that what he cleans out of the barn was produced inside of it.] Fin. leaders' negative reaction to Reagan's comments discussed. [Paine Webber Don. MARRON - says deficit reduction plan is insufficient to balance budget.] [Econ. Pierre RINFRET - says plan is just paper.] "STK. MKT. REPORT" [National Association of Mfrs. Alexander TROWBRIDGE - says budget summit should have accomplished more.] Trade deficit discussed; scenes shown. [RINFRET - says until leaders in DC understand the crisis they are facing the problems will continue to worsen.] The actual impact of the plan reported will not come until next day of exchange.

(Studio: Dan Rather, Ray Brady) Major investors reported waiting to see if deficit reduction plan actually makes a difference before risking any more money.

(Studio: Dan Rather) Report introduced.

(Dallas, Texas: Bob McNamara) Most extensive savings and loan government-funded rescue reported at Vernon Savings in Dallas, Texas; details given, scenes shown. Bank mentioned closed while employees were preparing for reopening under new name. [Federal Home Loan Bank Bd. George BARCLAY - says anyone with any sense would not have any uninsured money in Vernon Savings.] Bank's financial woes discussed. [Federal Home Loan Bank Bd. M. Danny WALL - says nearly all loans made by Vernon Savings were overdue.] Poor Texas economy noted due to oil glut situation. Texas bank failures depicted. Developments discussed as being built with imaginary money. [WALL - says Vernon Savings is guilty of fraud and wrongdoing.] Bank President Don. Dixon's role outlined in bank situation; photos shown. San Diego, California, Bishop Leo Mayer noted as one of many who were fed extravagant dinners at bank's expense; photograph shown. Dixon's bankrupt status noted while taxpayers pay his losses.

Brady, Ray;
Jones, Phil;
McNamara, Bob;
Plante, Bill;
Rather, Dan

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