Nixon vetoes funds for EPA and Agriculture bill
President Nixon vetoed the annual appropriations for the Agriculture Department and the EPA citing inflation concerns. He warned that outlays would exceed his budget by hundreds of millions and criticized water and sewer grants, conservation funding and Great Lakes pollution cleanup provisions. The White House put combined agency spending at 13.57 billion, 540 million over his request.
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Nixon signs aid-for-jobless bill with automatic increases
The act raises Social Security related benefits for aged, blind and disabled under the Supplementary Security Income program. It links automatic cost of living increases to benefit levels, extending to about 3 million people as part of interim relief until permanent law changes. It applies to workers receiving unemployment-related supports and sets eligibility rules and dates for phased participation.
Drought prompts talk of three export controls
A severe midland drought could trigger calls for export controls on U S grain next year an administration official said Yeutter opposed such controls warning they would be pro inflationary and lower the dollar value plus raise import costs He noted crop losses across Texas and other drought hit states while awaiting Aug 12 crop reports and NCGA projections of a sharply reduced corn crop
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Clayton Yeutter
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Senate backs broad overhaul of commodity futures policing
Washington UPI The Senate Agriculture Committee approved a landmark bill creating a powerful independent commission to expand federal policing of the 500 billion dollar a year commodity futures market. The measure tightens controls over trading in 28 agricultural commodities and brings under federal regulation futures in over 20 other products including coffee sugar silver and foreign currency.
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