Opinions Vary On Economy Change In Johnson Proposal
Newswires report mixed reaction to President Johnson’s plan to suspend the 7 percent investment tax credit for 16 months to cool a heated economy. Critics like Roger Blough of U S Steel and William Butler of Chase Manhattan call it a mistake, risk delaying relief, and warn of higher borrowing costs. Supporters cite psychological impact and fiscal tightening. AFL CIO’s George Meany and Yale economist James Tobin praise its first step toward reducing inflationary pressure.
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Elections Keep Senators Away From Work On Hill
Washington AP report quotes Senator Dirksen doubting a Senate majority will meet next week to discuss the civil rights bill. He cites 11 state primaries Tuesday and a Jewish holiday Wednesday as reasons for continued absences. Majority Leader Mansfield offers no rush to speed proceedings. Senator Ellender would waive a formal quorum to allow opponents to speak. Senator Williams says a majority opposes the bill in its current form. Proponents argue a vote could pass if brought to the floor.
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Farm Crop Forecasts Preview Record Yields
The Department of Agriculture revised its forecast, predicting the second largest national farm crop on record. Soybeans and sorghum grains set to equal bumper crops, with corn at 4.09 billion bushels, 2 percent under last year’s peak and 3 percent above earlier estimates. Wheat at 1.30 billion bushels, rice at 8.42 billion pounds, soybeans 926 million, and sorghum grain 716 million bushels are all projected with notable gains or milestones. Sugar beet outlook stands at 20.3 million tons, about 3 percent below last year despite a Florida record of 26 million tons.
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Soldier Dies at Fort Riley from Accident
Pvt. E.2 Jack L. Jolman was electrocuted Friday while assisting in preparing a Ft. Riley firing range for a training exercise. The incident occurred at Riley, Kansas, and is reported by AP.
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