News stories from Saturday July 1, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Tired and somewhat shaken after making politically explosive decisions that stripped Senator George McGovern of 153 California delegates and barred Mayor Richard Daley of Chicago and his political associates from the Democratic convention, the convention's Credentials Committee worked to deemphasize five days of sharp factionalism with compromise and conciliation. [New York Times]
- A broad-based economic boom is well under way in the United States. With few exceptions, the major indices of production activity are pointing to rapid and sustained economic expansion. Because there is no doubt that the economy's performance will be a major issue in the presidential campaign, economists are assessing President Nixon's progress toward his goal of reducing unemployment and inflation. [New York Times]
- Yielding to a demand from his wife that he choose between her and politics, John Mitchell has resigned as President Nixon's campaign manager. Mr. Mitchell, formerly Attorney General, had been one of the capital's most powerful men. Clark MacGregor will be the new campaign director, and Mr. Mitchell will serve the campaign in an advisory capacity. [New York Times]
- President Nixon lost no time signing into law a bill extending the debt ceiling, to which Congress attached a 20% increase in Social Security benefits on Friday. His signature averted a temporary government financial crisis on the first day of the new fiscal year. The Social Security increase for 27.8 million persons will become effective Sept. 1. Payroll taxes that will finance the increase will be raised Jan. 1. The bill also provides immediate tax relief for individuals and businesses that suffered losses in recent floods. [New York Times]
- New violence struck Northern Ireland today as thousands of Protestant youths set up barricades in Belfast in a protest against British policies. Hooded members of the Protestant's Ulster Defense Association sealed off the side streets with hijacked vehicles, including 27 city buses. It was the worst day of violence since Monday, when the Irish Republican Army's provisional wing called a cease-fire at midnight. [New York Times]
- Despite some economic improvements under the left-wing government of President Allende, Chile is in very serous economic difficulties. The principal factors are a foreign payments crisis, an accelerating inflation, and the failure of the nationalized copper mines, and most other large enterprises taken over by the state, to generate savings with which to finance development investments and social services. [New York Times]