News stories from Friday September 10, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate overrode the veto by President Reagan of a $14.1 billion supplemental spending bill, joining the House in the first major defeat for the President in the 97th Congress. The 60-30 vote provided the bare two-thirds majority needed to override. It also marked a breakdown of the coalition that had previously provided the President with an unbroken series of victories on fiscal measures. Republicans and Democrats attributed the vote to override to widespread resentment of Mr. Reagan's assertion that the spending bill was a "budget buster" even though it contained nearly $2 billion less than he had sought. [New York Times]
- The President promised more vetoes. He responded to the overriding of his budget veto in Congress with a defiant warning to the lawmakers that they would have "a lot more chances because I am going to do a lot more vetoing." He acknowledged that his sharpest defeat in Congress after 20 months of victories was disappointing. [New York Times]
- The witness protection program administered by the Justice Department that provides new identities for criminals who testify for the prosecution was defended by federal officials at a House subcommittee hearing on the dangers of the program, now in its 12th year. One of the criticisms of the program is that in helping witnesses relocate it may turn a criminal loose in a new community. [New York Times]
- Heart pacemakers cost too much when they are provided under Medicare, a report by the Senate Special Committee on Aging said. It estimated that Medicare costs for pacemakers will exceed $2 billion in 1982. "The necessity or appropriateness of as much as half that total cost can be questioned," the report said. [New York Times]
- Key Arab peace proposals were "at a considerable variance" with President Reagan's Middle East initiative, Secretary of State George Shultz said, but there was the possibility of a "breakthrough" if the Arab leaders had decided to recognize Israel's right to exist. He made the first authoritative American response to Thursday's communique issued by the Arab League in Fez, Morocco, in testimony before the Senate Foreign Relations Committee. [New York Times]
- The Arab plan was a victory for Arab moderates, Western diplomats in Amman, Jordan, said, and they expected that Jordan and Saudi Arabia would play a central role in future Middle East negotiations. The Arabian peace plan is a first step by the Arab world toward a state of "non-belligerency" with Israel, King Hassan II of Morocco said at a news conference. [New York Times]
- Israel rejected the Arab plan, saying it was a design for Israel's eventual annihilation. The Foreign Ministry said the plan was even worse than that offered last October by Saudi Arabia, which Israel had also rejected. [New York Times]
- Canada's cabinet was reorganized in an apparent effort by Prime Minister Pierre Trudeau to overcome the country's spreading economic crisis. He directed his four most prominent Ministers to exchange portfolios. [New York Times]
- Telephone failure In the Soviet Union cut the country off from much of the world for several hours. Officials said the cutoff was caused by an equipment breakdown at the Moscow international exchange and that it was not related to the severe cutbacks this summer in the number of telephone lines to Western countries as well as a virtual elimination of direct dialing in or out of the country. [New York Times]
- Deng Xiaoping became an adviser to China's Communist Party, a role that should relieve him of daily duties as China's paramount leader. His membership in the newly created Central Advisory Commission, which was set up to attract elderly officials into dignified retirement, is not expected to diminish his authority. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 906.82 (-5.71, -0.63%)
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 9, 1982 | 912.53 | 121.97 | 73.08 |
| September 8, 1982 | 915.75 | 122.20 | 77.95 |
| September 7, 1982 | 914.28 | 121.37 | 68.96 |
| September 3, 1982 | 925.13 | 122.68 | 130.90 |
| September 2, 1982 | 909.40 | 120.28 | 74.73 |
| September 1, 1982 | 895.05 | 118.25 | 82.83 |
| August 31, 1982 | 901.31 | 119.51 | 86.36 |
| August 30, 1982 | 893.30 | 117.66 | 59.56 |
| August 27, 1982 | 883.47 | 117.11 | 74.39 |
| August 26, 1982 | 892.41 | 118.55 | 137.28 |