News stories from Thursday September 24, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- New spending cuts and higher taxes were proposed by President Reagan in the fifth prime-time television address of his administration. In an effort to balance the budget in 1984 despite weakening congressional support, he called for $13 billion in spending reductions and $3 billion in increased taxes, nearly all affecting business, in the coming fiscal year. [New York Times]
- Republican and Democratic leaders agreed that President Reagan faced serious problems in gaining congressional approval of more budget cuts. There was also general agreement that Congress would insist on more cuts in military spending. [New York Times]
- New tax revenue totaling $22 billion over the next three years will be sought by President Reagan in an effort to balance the budget by 1984. The White House listed six ways the administration wants Congress to raise the funds, including two that affect individuals. [New York Times]
- A benefit for members of Congress was approved in the Republican-controlled Senate. Voting 50 to 48, the chamber approved unlimited tax deductions to cover the expenses of maintaining residences in Washington and at home. [New York Times]
- The solvency of Social Security for the next five years is the objective of a bill approved unanimously by the Senate Finance Committee. The plan calls for transfers of various government funds. At the same time, a longer-range rescue program appeared increasingly unlikely to win early congressional approval. [New York Times]
- Consumer prices increased by eight-tenths of 1 percent in August, helped by a moderation in the increase of housing costs, the Labor Department reported. Though mortgage rates still helped push the monthly rate of inflation back to double-digit levels, the long-term downward trend seems to have remained intact. [New York Times]
- Green Beret involvement with Libya was reported by several Army officers. They said that senior officers of the Army Special Forces had permitted the recruitment of elite American commando troops to train terrorists in Libya four years ago even though the officers were uncertain at the time whether the operation was sanctioned by the C.I.A. The Army later learned, they said, that the operation was not sanctioned. [New York Times]
- A master plan for Capitol Hill has been unveiled in anticipation of Congress's space needs for the next 50 to 75 years. It does not call for moving the Supreme Court Building. A relocation had been suggested in preliminary recommendations. [New York Times]
- U.S.-Soviet arms control talks are to begin on Nov. 30 in Geneva. The schedule was arranged in meetings in New York between Secretary of State Alexander Haig and Foreign Minister Andrei Gromyko. The two countries pledged "to spare no effort" to reach an agreement to reduce medium-range nuclear forces in Europe. [New York Times]
- Gunmen seized the Turkish Consulate in Paris, killed a guard and wounded the Vice Consul and four other persons. The four assailants, who said they were members of an Armenian nationalist organization, vowed to kill 60 hostages, including 8 women, unless all Armenian political prisoners were released from Turkish jails. The demands were refused, but, after 15 hours, the gunmen surrendered to the French authorities. [New York Times]
- A crackdown by the Polish police on unlawful and anti-Soviet activities was ordered by Gen. Wojciech Jaruzelski, the Prime Minister. He said that Poland's fate might depend on the policies that the independent union would adopt in the second phase of its convention starting Saturday. [New York Times]
- Talks on control over Awacs planes that the Reagan administration wants to sell to Saudi Arabia were held in Washington by a Saudi prince, the White House national security adviser and Senator John Glenn, Democrat of Ohio. They were said to have discussed proposals that would allow the United States a measure of control of the five advanced reconnaissance craft. The proposed sale has prompted strong opposition in Congress. [New York Times]
- Vows to seek Palestinian cooperation in efforts to devise a plan for autonomy for the 1.3 million Palestinian Arabs living in the Israeli-occupied territories were made by Israel, Egypt and the United States. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 835.14 (-5.80, -0.69%)
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* |
| September 23, 1981 | 840.94 | 115.65 | 52.69 |
| September 22, 1981 | 845.70 | 116.68 | 46.81 |
| September 21, 1981 | 846.56 | 117.24 | 44.56 |
| September 18, 1981 | 836.19 | 116.25 | 47.34 |
| September 17, 1981 | 840.09 | 117.15 | 48.29 |
| September 16, 1981 | 851.60 | 118.87 | 43.62 |
| September 15, 1981 | 858.35 | 119.77 | 38.58 |
| September 14, 1981 | 866.15 | 120.66 | 34.04 |
| September 11, 1981 | 872.81 | 121.61 | 42.16 |
| September 10, 1981 | 862.44 | 120.14 | 47.40 |