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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Sep 02, 1981
Page
2
The administration warns each 1 point rise in Treasury bill rates requires $4 billion more in spending cuts to meet the budget. Higher rates may curb business expansion and threaten the growth and tax revenue the tax cut aims to trigger. Officials remain hopeful rates will fall, while a savings surge could boost lending, despite Wall Street skepticism.
A senior Fed official notes the rate decline marks a cautious boost for the economy and warns that administrations claim credit when buoyant and shoulder blame when weak. The official predicts Reagan will avoid scapegoats but may have to craft new strategies if promises falter.
Growth dollars fund new equipment and 12 new hires expected by year end. A 150 million planned community of luxury condos and patio lots named Stoneyridge was announced for a 117 acre tract on the north side. Developers tout it as Odessa’s first security controlled subdivision. Late last month plans emerged for a three phase 3800 acre total community north and west of Ratliff Stadium near Loop 338 including housing shopping centers and offices. Waukesha-Pearce Inc. is linked to the project.
A local industrial engine maker plans to triple staff and output with expansion. Star-Adair Insulation adds 100 workers at four Odessa facilities while Grainger Inc seeks land at OIDC Park and considers Odessa for new plants to meet local demand. Grainger currently operates in Lubbock and eyes Odessa for closer distribution.
President Reagan directs further reductions to the already pared 1982 federal budget as high interest rates threaten the 42.5 billion deficit target. White House aides say cuts could total up to 30 billion for 1983 and 1984 defense, with recommendations due from Caspar Weinberger. Speakes cautioned that deficits may rise beyond 60 billion in 1982 without new cuts.
In Peoria Illinois Mat thew Ryan runs a dog-eared saloon that sits on a block eyed for a $60 million civic center and a 30 story tower project. Developer Raymond G Becker wants his land for a twin towers hotel condo but Ryan refuses to sell without a fair price, arguing the city and bankers push him out.
Partly cloudy tonight and Thursday in Odessa Midland with scattered showers across Southwest to East Texas. Flooding along the Lavaca and Guadalupe rivers forced evacuations as rivers rose after a tropical low dumped up to 18 inches of rain, with at least five deaths reported. Residents in Cuero and Hallettsville evacuated nursing home and jail populations. Forecast calls for humid, warm days with thunderstorms in North and South Texas, and cooler western areas.
The Odessa American lists postal and delivery details including address changes and subscription rates. It notes daily and Sunday editions for 70 dollars per year and provides post office classifications and contact information for subscription adjustments.
Midland report says up to 100000 federal jobs may be cut, but budget director David Stockman calls the claim speculative and says no such plans exist at present. He notes possible payroll shrinkage and a future announcement. In New York, British researchers report a bacterium based flu vaccine using inserted flu genes, with current yields at ten percent of potential capacity.
In Detroit a homemade bomb addressed to President Reagan and a second to the Detroit News were found in downtown mailboxes. Six sticks of dynamite with a blasting cap were inside two brown bags containing unsigned handwritten letters. A federal official cited the note demanding $1 million to each of the families of 28 Atlanta children slain in the past two years.
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