News stories from Wednesday June 24, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Reports of foreign policy differences within the Reagan administration created a stir. The reports attributed criticism of Jeane Kirkpatrick, the chief American delegate to the United Nations, to unidentified aides of Secretary of State Alexander Haig. The statements criticized Mrs. Kirkpatrick's handing of negotiations over the Security Council resolution that condemned Israel for its attack on an Iraqi nuclear reactor. The White House praised Mrs. Kirkpatrick's performance, and Mr. Haig disavowed the comments. [New York Times]
- President Reagan was rebuffed as House Democratic leaders set floor procedures that are expected to imperil adoption of the White House package of budget reductions. The Democrats rejected the President's request to allow the House to vote on the package as a single entity and instead scheduled separate votes on its five components. Republican leaders vowed a floor fight tomorrow. [New York Times]
- President Reagan began a campaign across the country in behalf of his economic program. In Los Angeles, he accused Democrats in the House of trying to "sabotage" his tax and spending cuts, and he backed the Republican pledge of a rules fight. [New York Times]
- Sweeping social service reductions would result from the Reagan administration's proposed budget cuts, according to a study by the Democratic staff of the House Ways and Means Committee. It said that at least 1.2 million elderly Americans would lose most of their Social Security benefits and about 250,000 families might face reduced welfare payments. [New York Times]
- Plans to avert Detroit's fiscal collapse were buoyed by the voters' approval Tuesday of a 1 percentage point rise in income taxes paid by residents and commuters. It was the first step in Mayor Coleman Young's effort to overcome a $119.6 million deficit in the current city budget. He is now seeking wage concessions from municipal unions and the sale of bonds. [New York Times]
- A planned arms sale to Saudi Arabia divided the White House and Congress. A bipartisan majority of both the Senate and the House urged President Reagan to cancel the proposed sale of highly sophisticated radar aircraft to Riyadh. But the White House said the plan would be pressed. [New York Times]
- Israel can produce nuclear weapons, Moshe Dayan acknowledged in an interview. The former Defense Minister and Foreign Minister said that Israel had not produced any nuclear bombs, but had developed the ability to do so and could manufacture them "in a short time" if the Arab countries produced them. [New York Times]
- A Pakistani pledge on nuclear arms was reported by Under Secretary of State James Buckley at a Senate hearing. He said that Pakistan's highest leaders had assured him that the country was neither developing nor planning to make a nuclear bomb, but that they had made no promise not to seek a weapons-making ability or nuclear explosions such as one by India in 1974. [New York Times]
- The future of democracy in Israel is a subject of deep concern to many Israelis amid an emotional political campaign marked by violence and vituperation. Many leaders are sounding urgent alarms about anti-democratic trends, such as insensitivity to individual rights. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 999.33 (-7.33, -0.73%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| June 23, 1981 | 1006.66 | 133.35 | 51.84 |
| June 22, 1981 | 994.20 | 131.95 | 41.79 |
| June 19, 1981 | 996.19 | 132.27 | 46.42 |
| June 18, 1981 | 995.15 | 131.64 | 48.40 |
| June 17, 1981 | 1006.56 | 133.32 | 55.47 |
| June 16, 1981 | 1003.33 | 132.15 | 57.77 |
| June 15, 1981 | 1011.99 | 133.61 | 63.34 |
| June 12, 1981 | 1006.28 | 133.49 | 60.79 |
| June 11, 1981 | 1007.42 | 133.75 | 59.53 |
| June 10, 1981 | 993.88 | 132.32 | 53.20 |