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Friday November 11, 1977
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This Day In 1970's History: Friday November 11, 1977
  • Tax relief for individuals and businesses will have "first priority" in the tax bill that President Carter will submit to Congress in January, Treasury Secretary Michael Blumenthal said. He told the Senate Banking Committee that the tax bill will be "kept relatively simple to build confidence." It was apparent from his remarks that the administration was no longer pursuing the general tax reform it had proposed with the urgency it had discussed the issue for months. [New York Times]

  • A 1979 budget deficit "in the neighborhood of $40 billion" is anticipated by Acting Budget Director James McIntyre. The figure might leave room for a substantial tax cut next year. Mr. McIntyre also said that the Office of Management and Budget had reduced spending estimates for the current fiscal year by $3.1 billion, to $459.8 billion. [New York Times]

  • Longshoremen have received a proposal that might hasten the end of their 42-day-old strike that has tied up container shipping from Maine to Texas. Employers offered wage and benefit increases of $2.04 an hour in a three-year contract and a job security program, which had been one of the longshoremen's key demands. [New York Times]

  • Clean water rules were eased by a House-Senate conference committee to give industry more time to install anti-pollution equipment. The committee also agreed to relax federal controls over the nation's environmentally delicate wetlands. Several environmental organizations oppose many of the actions taken by the conferees. "We view this as a step backward," said Larry Silverman of the Clean Water Action Project. [New York Times]

  • The stock market's heaviest trading in more than a year and a half followed a Thursday session that was its best in more than a year. The buoyancy was apparently based on a belief among investors that the Federal Reserve would ease its credit tightening. The Dow Jones industrial average rose 13.34 points to 845.89 after advancing 14.12 points on Thursday. A $3.4 billion decline in the money supply led to the belief that the Reserve would ease interest rates. [New York Times]
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