City weighs revitalization plan amid CDBG funding shifts
Ottawa officials discussed revamping redevelopment efforts and submitting a voter‑backed plan, amid shifts under the Reagan administration toward broader economic development and uncertain CDBG funding for the Skunk Run project. The panel noted a fiscal 1982 deadline lag and local audits, with $846,000 in CDBG funds received over two years and $4,500 audit costs.
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Restrictions Would Do No Harm Soviet Energy Study Says
A congressional Office of Technology Assessment report concludes the United States cannot block Soviet energy development by restricting access to Western technology. It notes most Soviet energy tech comes from non US sources and highlights the need for about 86 inch pipe for pipelines, with natural gas growth outsizing oil gains this decade.
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House Defies Veto Threat in Emergency Spending Vote
In Washington, the Democratic controlled House votes 195 187 for a stopgap spending plan defying a veto threat while Reagan allies in the Senate push for budget cuts and tax changes. The measure must reach the president by Friday midnight to avoid a government shutdown.
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Review on Allen case to wrap up by month end
The inquiry into the Allen matter may conclude soon with a decision by Attorney General William French Smith on whether to drop the case or pursue a special prosecutor. White House aides face questions as the FBI has cleared Allen of wrongdoing but the Justice Department continues review.
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Wall Street advances as Dow recoups losses at mid day
Wall Street rose slightly as the Dow Jones industrial average gained 1.24 to 846.27 at noon. The NYSE composite index edged up to 70.06 and the American Stock Exchange value index rose to 310.24 as volume reached 19.59 million shares. The Federal Reserve removed the 2 percent discount rate penalty, hinting at further rate declines amid cautious investor sentiment.
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