Inflation still threat Burns warns panel on inflation risk
U S lawmakers pressed Federal Reserve Chair Arthur Burns on inflation and the economy. Burns defended the Fed stance as not aimed at stalling recovery but warned that inflation remains a major risk. House and Senate committees heard calls for tax cuts and concern over higher interest rates signaling restraint to curb inflation.
MENTIONED IN THIS ARTICLE
Washington
Arthur
Burns
Federal Reserve
House Banks Committee
John T. Dunlop
Senate
House Economic Committee
Henry
Reuss
Capitol Hill
Fed
Hank
Ford Won’t Void Elderly Fund Cuts
President Ford rejected a Federal Council on Aging recommendation to restore cutbacks in federal social services for the elderly. Council Chair Bertha Adkins warned the elderly face crisis proportions as funding ceilings and cuts press their fixed assets and mobile needs. Ford said he sympathizes but remains determined to curb inflation by limiting government spending.
MENTIONED IN THIS ARTICLE
Washington
Ford
Federal Council On Aging
Council
Bertha Adkins
Congress
Economic projections demanded at Fed policy debate
Rep. Reuss and colleagues urged the committee to obtain projections on overall growth, the housing market, unemployment, and inflation to guide monetary policy. They argued Congress should act with more comprehensive data even when information is incomplete.
MENTIONED IN THIS ARTICLE
Burs
Reuss
Fed
Rep
Congress
Nying
GM scales back layoffs as auto sales rebound
GM announced it would reduce long term layoff levels faster than expected, trimming from 88,000 to about 75,000 by July end after posting its best mid month car sales in 14 months. Chairman Murphy forecast a broader industry recovery with sales over 10 million next year, aided by housing starts and production gains. Chrysler also plans to resume second shifts and recall 2,100 workers as auto industry employment improves.
MENTIONED IN THIS ARTICLE
Detroit
UPL
General Motors Corp
Cadillac
Thomas Murphy
Chrysler Corp
U.S
Warren
Mich
Rock
Ford vets aid hike approved by Senate by voice vote
Senate passage by voice vote sent to President Ford a bill granting 10 to 12 percent increases for about 2 million disabled veterans. First year cost is $4.9 million with Aug effect. Increases apply to dependency, widows benefits, and disability ratings, raising payments for many categories.
MENTIONED IN THIS ARTICLE
Washington
Senate
Ford
Major oil firm to refund Guam overcharges in 1974
The Federal Energy Administration announced that a leading petroleum company will refund $938,523 to Guam customers for overcharges during 1974. FEA regional administrator William Arntz praised ESSO's willingness to refund and avoid legal action.
MENTIONED IN THIS ARTICLE
San Francisco
Guam
Federal Energy Administration
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Uy & Pa Vitfe Group Tb
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OSS
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Fieri
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