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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Oct 02, 1981
Page
9
New York AP NBC poll of 1,601 adults finds a majority backing Reagan's 13 billion in additional budget cuts though most doubt family finances will improve next year and say the budget won't be balanced by 1984. Reagan's overall job rating 53 percent good or excellent, economy handling 45 percent.
President Reagan backs the $8.5 billion package for Saudi AWACS amid congressional resistance. Haig cites a written understanding ensuring American crew aboard the planes until 1990 and beyond, while Sen Glenn says assurances are not new and not yet sufficient to win approval.
The market advanced for a fourth straight session with the Dow Jones up 2.28 to 852.26, Exxon and IBM active on the NYSE, Xerox slipping after price hikes, and the Nasdaq at 181.09. Volume stood around 41.6 million on the Big Board, with the S and P indexes mixed in a cautious gain driven by optimism about the economy. Futures in gold and silver were also reported as traders weighed the Reagan outlook and corporate results.
White House budget chief David Stockman told Congress that only half the job to balance the 1984 budget has been done. He warned of deficits around 60 billion annually through 1984 and urged rapid additional spending reductions along with proposed tax increases. Democrats urged caution about a second round of cuts so soon.
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