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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Mar 28, 1975
Page
1
New York economists debate a $24.8 billion tax package as President Ford considers a veto. Some experts call the cut too inflationary and favor a veto, while others fear a veto could hurt consumer confidence and slow recovery.
House Minority Leader Rhodes predicts a Ford veto of the tax measure. White House aides say Ford believes the House would sustain a veto and will study the bill in coming days. Economists warn of uncertainty and housing impacts if vetoed but see potential gains in inflation control and purchasing power. Suggestions vary on size and timing of cuts as the economy navigates recession risks.
About 100 000 panicked civilians invaded Da Nang airport halting refugee airlifts. US and allied planes were grounded or canceled while efforts to move refugees south continued by sea. Tanks moved into Da Nang to control crowds as Tam Quan shares battlefront gains by Communist forces.
The SEC accused Howard R. Hughes and associates of fraud and market manipulation tied to Hughes 1969 Air West acquisition. The suit seeks injunctions and about $48 million in ill gotten gains, naming Summa Corp. and figures from Las Vegas to Los Angeles.
PSA announced plans to sell its unprofitable Queen Mary Hotel lease blaming persistent poor service by Specialty Queen Mary Corp. and to exit the hotel business. The move comes as PSA reports cash flow problems amid lower passenger traffic and rising costs.
A 6.3 magnitude earthquake centered near Malad City Idaho shook Utah Idaho and Wyoming for 10 to 15 seconds causing minor damage but no injuries. Buildings in Salt Lake City reported shaking while reports spread from Twin Falls Burley Jackpot Idaho Falls Pocatello Rock Springs Provo and Delta.
In a major cabinet shuffle President Ford nominates Interior Secretary Rogers C B Morton to head the Commerce Department and signals former Wyoming Governor Stanley K Hathaway will become interior secretary. Morton would push industry toward coal while maintaining energy policy leadership. Hathaway, 50, a two term governor and Western Governors Conference former chair, would face Senate confirmation. Morton’s transfer aims to mobilize business and expand resource development and conservation amid energy challenges.
Highlights include rising U S airfares to Europe with youth and advance purchase discounts approved. Ralph Nader reports his mail monitored while President criticizes a large foreign aid bill before signing it.
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