Reagan dodges backing Volcker after press conference
President Reagan signaled displeasure with Federal Reserve policy limiting support for Volcker as he noted money supply signals misled markets. He avoided calling for Volcker’s resignation, saying the Fed Syst em operates autonomously during its 14 year terms. He forecast a future upswing if taxes are cut and defended his economic plan amid questions on Poland and abortion legislation.
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Recorders Recovered From Air Florida Crash Scene
Divers recovered the two flight recorders from the Potomac River seven days after the Boeing 737 crash at National Airport. The data recorder and cockpit voice recorder were rushed to an NTSB laboratory for analysis, with officials noting the data may take days to interpret and that both devices must be dismantled and cleaned.
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West Coast storm brings snow and mudslides fears
A new storm blanketed the West Coast with heavy snow and rain raising mudslide fears around San Francisco while freezing drizzle and light snow spread along the mid Atlantic to New England. The East Coast saw a dusting in New York New Jersey and Connecticut with slick roads elsewhere as warm air moved in.
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Reagan Celebrates First Year in Office
President Reagan marked the first anniversary of his inauguration with the White House saying he would settle for a second year as good as the first. He planned to thank government appointees and pledge to improve in 1982 while attending a $10,000-a-table Republican fund raiser at the Washington Hilton.
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Tax proposals run rough in Legislature over gas tax and cuts
Lawmakers clash over new taxes to fund a $177 million school aid plan and $800 million revenue sharing freeze. Assemblymen Bush and Bragman criticize proposed gas and license plate taxes while Senate leaders warn against further tax increases. Comptroller Regan supports phased Medicaid cost shifts.
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