News stories from Tuesday March 10, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Congress received a proposed budget for the fiscal year 1982 from President Reagan. It projected spending at $695
billion, revenues at $650 billion and a deficit of $45 billion. In a brief message, Mr. Reagan described the budget as the centerpiece of his plan to "stop runaway inflation" and "revitalize the economy" by shrinking the activities of the federal government.
House Democrats pledged cooperation in speedy consideration of the proposed budget. The Democratic and Republican leaders of the chamber adopted a timetable calling for final action on the budget by mid-July, followed at once by final action on tax cuts.
[New York Times] - Tying welfare aid to required work was proposed by the Reagan administration. The "workfare" plan could place up to 800,000 people in community jobs if Congress approves. [New York Times]
- Several hundred lobbyists converged on Capitol Hill, urgently defending food stamps and other nutrition programs from the Reagan administration's planned budget cuts. In office after office legislators expressed sympathy, but said the cost of government had to be reduced. [New York Times]
- President Reagan was heckled as he began an official visit to Canada with a pledge of cooperation on divisive issues. Hundreds of demonstrators in Ottawa denounced what they consider United States intervention in El Salvador and negligence on pollution. An official said that Mr. Reagan and Prime Minister Pierre Trudeau had established "an excellent rapport" but indicated that no problems had been solved. [New York Times]
- Detering Moscow from intervention in Poland was discussed Monday by President Reagan, Secretary of State Alexander Haig and Foreign Minister Hans-Dietrich Genscher of West Germany. They agreed to try to use the expressed interest of the Soviet leadership in a meeting with Mr. Reagan as a form of leverage to avert any intervention. [New York Times]
- Postal rates will rise to 18 cents from 15 cents for first-class mail, effective March 22, the Postal Service announced. It also said that it would petition the Postal Rate Commission to grant its earlier request for an increase to 20 cents. [New York Times]
- New support for Atlanta, where 20 of 21 black children missing in the last 19 months have been found dead, was provided by Sammy Davis Jr. and Frank Sinatra. They gave a benefit concert at the Atlanta Civic Center that raised more than $100,000 to help defray the high cost of the police investigation of the crimes. [New York Times]
- A plan to ease regulations on the cities was backed by Transportation Secretary Drew Lewis. He said he would ask Congress to approve a bill that would relieve them of the requirement to provide equal access to transportation for the handicapped. New York City and others contend that the rule would cost them billions of dollars. [New York Times]
- Laws designed to protect workers in such areas as wages, hours and workplace conditions will be reviewed, Republicans on the Senate Labor and Human Resources Committee said. They also said they might seek changes in the laws on the ground that some violated "individual freedom." [New York Times]
- A stark austerity budget for Britain was presented by the Conservative government. The plan would sharply increase taxes on beer, liquor, cigarettes and gasoline and indirectly raise some income taxes. The government reaffirmed that its principal task must be fighting inflation, not unemployment, amid the worst recession in Britain since the 1930's. [New York Times]
- Poland's month-long labor peace ended as workers in the city of Lodz staged a one-hour warning strike and the authorities announced that large-scale military maneuvers would be held by the Warsaw Pact countries later this month. Lech Walesa, the leader of the independent union, conferred with the Prime Minister over charges of harassment against unionists in Lodz and other issues. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 972.66 (-3.76, -0.39%)
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* |
| March 9, 1981 | 976.42 | 131.12 | 46.17 |
| March 6, 1981 | 964.62 | 129.85 | 43.93 |
| March 5, 1981 | 964.62 | 129.93 | 45.37 |
| March 4, 1981 | 971.44 | 130.86 | 47.25 |
| March 3, 1981 | 966.02 | 130.56 | 48.73 |
| March 2, 1981 | 977.99 | 132.01 | 47.71 |
| February 27, 1981 | 974.58 | 131.27 | 53.20 |
| February 26, 1981 | 966.81 | 130.10 | 60.31 |
| February 25, 1981 | 954.40 | 128.52 | 45.71 |
| February 24, 1981 | 946.10 | 127.39 | 43.96 |