News stories from Friday May 21, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The largest deficit in U.S. history, $118 billion, was projected for the fiscal year 1983 in a budget adopted by the Senate. The vote was 49 to 43. Senators rejected an amendment that would have produced a balanced budget by 1985 through huge cuts in military spending and benefit programs, including Social Security, in addition to a sharp rise in taxes. [New York Times]
- 252 federal tracts of land amounting to 200,000 acres around the country have been marked for possible sale by the Reagan administration to offset the national debt by as much as $1.3 billion. The proposal to sell federal lands for such a purpose had recently been announced. However, Interior Secretary James Watt declined to say specifically what land would be offered, but he said no "massive land transfers" were planned. [New York Times]
- Rising consumer prices were checked in April by a sharp drop in energy costs, and increased only two-tenths of 1 percent, continuing the slowing in the rate of inflation over the last seven months, the Labor Department reported. The April rise reflected higher food and housing costs and reversed the decline of three-tenths of 1 percent in March, which was the first drop in the Consumer Price Index in almost 17 years. [New York Times]
- Sirhan B. Sirhan's 1984 parole date was rescinded by the California Board of Prison Terms, mainly because he had sent threatening letters after he had been imprisoned for the assassination of Senator Robert F. Kennedy In 1968. The board said the panel that set the parole date in 1975 was not aware of the written death threats and that the panel had acted on the misunderstanding that it was obligated to set a parole date. [New York Times]
- A pyschologist was cross-examined by the prosecution at the trial of John W. Hinckley and said that the defendant "knew in his head" that he was doing wrong when he shot President Reagan but was too insane to have it register emotionally. Dr. Ernst Prelinger, a Yale University psychologist for the defense, said that the defendant's "choices were then dictated by a set of fantasies that had been there for a long time, that were ready to spring." [New York Times]
- British troops attacked the Falklands and established "a firm bridgehead," Defense Secretary John Nott announced in London. He reported that five British ships were damaged, two of them seriously, and that one Harrier jet was missing. Argentina conceded that a British landing had taken place. It was said to have lost 17 planes. Britain attacked a few hours after diplomatic negotiations with Argentina collapsed. [New York Times]
- An Argentine attack failed to dislodge the British troops from their foothold on East Falkland Island, military spokesmen in Buenos Aires admitted. They said in a communique that "the enemy forces that have succeeded in landing are being attacked by Argentine army units with the help of planes of the three militarty services stationed in the islands. [New York Times]
- The Falkland talks at the U.N. failed when Argentina and Britain had both stiffened their positions, Secretary General Javier Perez de Cuellar said. He told the Security Council that the final texts from the two governments "did not reflect the progress which had been achieved." He said he thought major areas of agreement had been reached and said only four points, seemingly minor, were not settled. [New York Times]
- U.S. military strategy was redefined significantly. President Reagan's national security adviser, William P. Clark, said that President Reagan has approved a new military strategy in which United States forces need not engage those of the Soviet Union on all fronts simultaneously if war came. He outlined a significant refinement in military strategy that had thus far been formulated under the supervision of Secretary of Defense Caspar Weinberger. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 835.90 (+3.42, +0.41%)
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* |
| May 20, 1982 | 832.48 | 114.59 | 48.33 |
| May 19, 1982 | 835.90 | 114.89 | 48.87 |
| May 18, 1982 | 840.85 | 115.84 | 48.96 |
| May 17, 1982 | 845.32 | 116.71 | 45.57 |
| May 14, 1982 | 857.78 | 118.01 | 49.90 |
| May 13, 1982 | 859.11 | 118.22 | 58.22 |
| May 12, 1982 | 865.77 | 119.17 | 59.21 |
| May 11, 1982 | 865.87 | 119.42 | 54.67 |
| May 10, 1982 | 860.92 | 118.38 | 46.30 |
| May 7, 1982 | 869.20 | 119.47 | 67.18 |