Budget Struggle Continues in House Budget Fight
Washington AP Republicans and Democrats clash over a 56 billion dollar 1986 spending cut plan with a proposed minimum corporate tax. House Speaker O Neill says votes exist but passage remains unlikely amid tax reform concerns. Senate Leader Dole signals openness to a bipartisan House vote could alter negotiations later this year.
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Washington
House
Thomas P. O'Neill Jr
D-Mass
O'Neill
Senate
Robert Dole
Dole
Preventing Low Mood Through Early Intervention
Dallas reports at the American Psychiatric Association meeting that serious depression costs exceed 16 billion dollars yearly and claim over 20 000 lives. High risk groups include divorced or separated individuals bereaved or children of the mentally ill. Prevention would target those not yet clinically depressed and focus on early help before low mood worsens.
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Dallas
American Psychiatric Association
Wall Street Rally Sparked by Rate Cuts and Fed Move
The market rally follows a half point cut to 10 percent in prime lending rates and a Fed discount rate drop to 7.5 percent. The Dow jumped 19.54 to 1304.88 as Treasury bills fell to multi-year lows, while consumers see potential relief from lower loan costs across mortgages auto and student loans. Bank of America cut its prime rate, and VA mortgage rates were trimmed to 12 percent. Personal income rose 2.9 percent in April aided by late tax refunds.
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Bank of America
Veterans Administration
Treasury
Treasury Department
Soviet Oil to Nicaragua Promises of Oil From Soviet Union
Managua AP report says the Soviet Union pledged to supply 80 to 90 percent of Nicaragua's oil needs this year as Daniel Ortega returned from a 14 nation tour seeking economic aid. Observers note possible cash aid remained uncertain amid Western embargo tensions.
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