This Day In 1970's History: Tuesday November 26, 1974
- President Ford sent Congress a revised budget for the year ending next June 30 that would cut federal spending by $4.6 billion. He said steeper reductions would be unwise. Programs administered by the Health, Education and Welfare Department and the Veterans Administration would be most affected. However, congressional leaders said it was highly unlikely that any significant portion of the proposed reductions would be approved. [New York Times]
- The United States achieved a small surplus in foreign trade in October, its first since April. A surge in exports, up 36 percent so far this year, tipped the balance. There is a deficit of $2.3 billion so far this year caused entirely by higher prices of oil imports. Average cost of a barrel of imported oil was $11.50 last month, compared with $3.50 a year earlier. [New York Times]
- Former Attorney General John Mitchell took the witness stand in his own defense at the Watergate cover-up trial. He denied approving the Watergate break-in in advance and said that when he heard of its link later to the Committee for the Re-election of the President he withheld the information because of his belief in Mr. Nixon at that time. [New York Times]
- The House Rules Committee, by an 8 to 6 vote, blocked the omnibus legislation to restructure the securities market from floor consideration, virtually foreclosing action at the current session. The measure to end fixed brokerage commission rates and give more authority to the Securities and Exchange Commission had been requested by the White House. [New York Times]
- President Ford signed a six-year, $11.8 billion measure to aid mass transit that Mayor Beame of New York City said would save the 35-cent fare here through 1975. The city's share will be $250 million of the $280 million needed to maintain the fare, and the city and state are committed to making up the deficit. Mayor Beame gave Mr. Ford a pair of gold-plated token cufflinks. [New York Times]
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