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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Oct 27, 1982
Page
6
Washington officials warn the 1982 deficit reached a record 110.7 billion dollars and forecasters expect 1983 deficits around 115 billion, with private economists predicting even higher numbers. The report cites recession as a key cause and notes 1984 projections may still be too low.
The Dow Jones rose to 1 006 07 after a 36 33 point drop, aided by speculation on a Fed discount rate move. Major losses persist for U S Steel Ford Eastern Airlines Gulf Oil Shell Standard Oil, and the federal deficit hits 110 7 billion while earnings dip across industries.
California Federal Savings & Loan of Los Angeles to merge with American Savings & Loan of Beverly Hills, forming First Federal of America with about 20 billion in assets. The combined firm would surpass Home Savings of America as the nation's largest S&L, under a plan requiring approvals from federal regulators and the SEC.
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