News stories from Thursday April 29, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The President urged spending cuts to close the federal budget deficit in the next few years. In a televised address to the nation, Mr. Reagan sounded a combative note as he assailed the Democratic leaders in Congress for advocating "more and more spending and more and more taxes." [New York Times]
- A Democratic rebuttal was telecast right after the President's telecast. Representative Richard Bolling, the party's economic spokesman, accused Mr. Reagan of turning the budget negotiations into "a partisan rat race," and he called for a new bipartisanship effort to reduce the projected deficit. [New York Times]
- The task of drafting a new budget was begun by the Senate Budget Committee a day after the collapse of negotiations between the White House and congressional Democrats. The panel projected a deficit of $182 billion if current spending programs are not cut, and leaders of both parties vowed to seek a formula to reduce the deficit to about $110 billion. [New York Times]
- An end to rent control laws was urged by a presidential advisory commission that said no rental housing financed with federal aid should be subject to such laws. The panel retreated from a position it took in an interim report that recommended a halt in all federal housing funds for cities with rent control laws. [New York Times]
- Raids to oust illegal aliens from jobs that could be held by unemployed citizens have generated criticism by clergymen, politicians and spokesmen for minority groups, as well as a court challenge. About 3,500 people have been arrested in the government crackdown in nine cities. [New York Times]
- The training of new flight controllers is proceeding much slower than the Reagan administration predicted when it dismissed 11,400 striking controllers last August, according to many controllers still on the job. They say that the air traffic system is not unsafe, but that morale is declining because of the government's failure to train new controllers more quickly and the failure of Congress to approve a pay increase the administration promised last summer. [New York Times]
- The urgency of arms cuts was stressed by Terence Cardinal Cooke in a 1,000-word letter to priests of the Archdiocese of New York. Declaring that the Roman Catholic Church "has abhorred the arms race," he called on Catholics to consider the "moral necessity" of efforts toward disarmament and the eventual elimination of all arms of mass destruction. [New York Times]
- The first school for taxi drivers has opened in New York City. The one-day eight-hour course, which stresses safety, geography and courtesy, is jointly sponsored by the taxi drivers' union and the owners of the city's 2,100 fleet cabs. [New York Times]
- Argentina warned Britain that any British ship or plane within 200 miles of the Falklands would be regarded as hostile and dealt with "accordingly." The announcement came a half day before today's scheduled start of a British sea and air blockade of the same area. [New York Times]
- Argentina holds the key to peace in the Falklands, according to Prime Minister Margaret Thatcher who spoke in an emergency debate in Britain's House of Commons. She rejected demands by the opposition that Britain turn to the United Nations or the International Court of Justice in an 11th-hour effort to avert a war. [New York Times]
- Pessimism over peace efforts in the Falklands crisis deepened in Washington. Administration officials said that the diplomatic initiatives of Secretary of State Alexander Haig had apparently failed. They predicted that barring an unexpected development, heavy fighting between Argentina and Britain was likely to erupt in a day or two. [New York Times]
- A Salvadoran centrist was elected provisional President by the new Constituent Assembly under intense pressure from the armed forces. The candidacy of Alvaro Alfredo Magana, a lawyer and banker, was approved after political leaders agreed to broaden the government from one vice president to three -- one from each major party. [New York Times]
- A draft treaty for ocean use and exploitation is in dispute, and Washington is preparing to reject the sweeping new system of rules, according to administration officials. After eight years of negotiation, the pact is expected to be adopted tomorrow by up to 150 nations. An American boycott would hold its force in doubt. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 844.94 (-7.70, -0.90%)
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* |
| April 28, 1982 | 852.64 | 117.26 | 50.52 |
| April 27, 1982 | 857.50 | 118.00 | 56.48 |
| April 26, 1982 | 865.58 | 119.26 | 60.50 |
| April 23, 1982 | 862.16 | 118.64 | 71.85 |
| April 22, 1982 | 853.12 | 117.19 | 64.46 |
| April 21, 1982 | 843.42 | 115.72 | 57.81 |
| April 20, 1982 | 840.56 | 115.44 | 54.60 |
| April 19, 1982 | 846.08 | 116.70 | 58.46 |
| April 16, 1982 | 843.42 | 116.81 | 55.89 |
| April 15, 1982 | 839.61 | 116.35 | 45.69 |