This Day In 1970's History: Monday January 23, 1978
- President Carter submitted to Congress a $500 billion budget for 1979 that emphasized the limits to what government can do to cure social problems. The $25 billion tax cut he proposed to Congress Saturday and the $60.6 billion deficit in his budget, Mr. Carter said, would keep the economy on a path of steady but moderate growth of just 5 percent a year. He hinted broadly that another tax cut would probably be needed in 1980 when he may be running for a second term. [New York Times]
- The Justice Department will examine the circumstances of the removal of David Marston as United States Attorney in Philadelphia, Acting Deputy Attorney General Benjamin Civiletti said. Mr. Marston and his supporters have said that Representative Joshua Eilberg, a Philadelphia Democrat, had self-serving motives in urging President Carter to dismiss Mr. Marston. [New York Times]
- Gov. James Hunt of North Carolina affirmed his belief in the guilt of the Wilmington 10, but reduced their sentences to make them eligible for parole over periods ranging from four months to two years. Early parole, which supporters of the 10 have said they would not accept, rather than a pardon, means that the Rev. Ben Chavis, who has already served nearly five years in prison, would not be eligible for parole until Jan. 1, 1980. [New York Times]
- Stock prices weakened in slow trading, reflecting investors' disappointment over President Carter's tax proposals and economic program. The Dow Jones industrial average declined 6.24 points to 770.70, its lowest level since April 9, 1975. [New York Times]
- The Soviet Union, the world's largest oil producer, is preparing to develop vast petroleum reserves in anticipation of a production decline of its largest and most accessible oilfields. The Russians will have to settle and build facilities in further uninhabited stretches of the western Siberian wilderness. Their success or failure in drilling new wells and building new housing, roads, railroads and pipelines quickly enough to prevent a cutoff of Soviet oil exports will almost certainly have great impact on the worldwide oil market in the next decade. [New York Times]
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