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Economy / Phase II / Connally / Bus. #454671

NBC Evening News for Friday, Oct 08, 1971
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(Studio) Connally holds press conference to explain phase II.
REPORTER: John Chancellor

(DC) [CONNALLY - says freeze will continue to November 13. On 14th, freeze subject to bds. Pay board and price commission has 37 days to set up regulations; cites bds.' power. Cost of Living Council won't accept "buck" being passed to them. Council won't veto control bds.]
REPORTER: No reporter given

(Studio) Connally indicated administration might step in.
REPORTER: John Chancellor

(DC) [CONNALLY - assuming bds. go out of bounds with criterion. We'd lock horns at that point.]
REPORTER: No reporter given

(Studio) Admin. locked horns with organized labor already. Plan divides economy into 3 pts.: big business, medium and small business Guidelines to be determined in 37 days.
REPORTER: John Chancellor

Chancellor, John

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