About this recording
947–4
- President Richard M. Nixon
- George P. Shultz
- Gerald R. Ford
- Hugh Scott
- William E. Timmons
- Ronald L. Ziegler
July 10, 1973
Conversation No. 947-4
Date: July 10, 1973
Time: 10:24 am - 11:02 am
Location: Oval Office
The President met with George P. Shultz, Gerald R. Ford, Hugh Scott, William E. Timmons, and
Ronald L. Ziegler. This recording began while the conversation was in progress.
-4-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
National Economy
-President’s statement on Phase IV of the Economic Stabilization Program
-Timing
-Rationale
-Implementation
-Timing
-Consultations
-Congress
-Labor
-Reports
-President’s decision
-60-day price freeze
-Character
-Compared to Phase III
-Selectivity
-Consultation
-Congress
-Recess
-Decision
-Mandatory controls
-President’s statement
-Composition
-Strength
-Extent, area
-Consultation with Congress
-Food prices
-Supplies
-Meat
-Future inflation
-Balanced budget
-1974
-Ceiling
-Revenue bills
-President’s veto
-Congressional override
-Domestic and defense spending
-5-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-John G. Tower
-Defense spending
-Ceiling
-Fiscal year 1973
-Target
-Congress reaction
-Fiscal year 1974
-Ceiling
-Balanced budget
-Tax increases
-Senate estimate
-Caucus
-Committee
-Appropriations
-House of Representatives
-Vetoes
-Health, Education, and Welfare
[HEW]
-Farm bill
-Earl L. Butz
-Escalator
-Contradiction
-Food stamps
-Increases
-Uses
-President’s dislike
-President’s program
-Principles
-Supplies
-Scott’s assessment
-Effect in 1974
-Rationing
-Meat
-Chicken and pork
-Beef
-Thieves
-Farm labor
-6-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-Braceros
-Lettuce, asparagus
-Southern California
-African Americans
-Japanese Americans
-Mexican Americans
-Victory gardens
-Agriculture Department
-Productivity commission
-Charles H. Percy
-Schultz’s note
-Legislation
-Legal requirement
-Volunteerism
-Steel, Construction
-Continued authorization
-Inflation, unemployment
-Rates
-Effects
-Priority
-Congress roll
-Budget
-Legislation
-Business, labor, farmer roles
-Freeze
-Effects
-Possible congressional pay raise
-Scott’s conversation with Ford
-Everett M. Dickson [?]
-Minority view
-Capital extension
-Carl B. Albert’s comments to Thomas P. (“Tip”) O’Neill and
Leslie C. Arends
-Vice President, Speaker of the House, President, Congressional
Party leaders
-1968 law
-Political considerations
-7-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-1974 elections
-O’Neill
-Albert
-US Senate vote
-Rules committee
-Hiram L. Fong and Gale W. McGee bill
-Commission
-Flexible investment tax credit
-Forced savings
-Arthur F. Burns
-Percy, Wilbur D. Mills
-Endorsements from Wall Street Journal, Christian Science
Monitor, New York Times
-Congressional action
Ford, Scott, Timmons and Ziegler left at 10:45 am.
National economy
-US dollar
-Effect of export controls
-Devaluation
-Meeting of European central bankers in Bonn, West Germany
-Intervention in exchange markets
-Support
-Foreign exchange market reaction
-US commitments
-Views of Burns and Paul A. Volcker
-President’s programs
-Export controls
-Corn
-Crop reports
-Phase IV
-Decision
-Credibility
-Effect on exchange markets
-Europeans’ view
-Experience with price and wage freezes
-8-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-Fiscal and monetary policy
-Fiscal and monetary policy
-Budget statement
-Memorandum
-Meeting
-Bryce N. Harlow
-Forthcoming meeting with President
-Interpretation of fiscal matters
-Shultz’s recommendations
-Forthcoming statements by Ford and Scott
-Timing of decision
-President’s statement
-Joint session of Congress
-Intervention in exchange markets
-President’s programs
-Statement
-Congress
-Partisanship
-Harlow’s view
-Phase IV
-John Dunlop’s view
-Federal budget
-Fiscal discipline
-Possible spending cuts
-Possible tax increase
-Joint Committee
-Spending ceiling
-Size of deficit
-Possible vetoes
-HEW
-National defense
-Cuts
-Congressional action
-Rates
-Memorandum
-Intervention in exchange markets
-Burns
-9-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-Federal Reserve
-President’s decision
-Federal budget
-Percy’s statement in previous meeting
-Burns’s viewpoint
-Debt ceiling
-House Ways and Means Committee
-Barber B. Conable, Jr.
-Mills
-Tax increases
-Burns’s viewpoint
-Gasoline tax
-Possible cut in income tax
-Delay
-Spending
-Surcharge on income and corporate taxes
-1968
-Variable investment tax credit
-Revenue
-Possible congressional tax legislation
-Closure of loopholes
-Wall Street reaction
-Gasoline tax
-Conservation
-Tax reform discussions
-Compared to income tax
-Cost of living increase
-Regressive tax
-Income tax credit
-Republican enthusiasm
-Ways and Means Committee action
-Budget surplus
-Laird, Harlow
-President’s program
-Statement
-Joint Session of Congress
-Substance
-10-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
Shultz left at 11:02 am.
Date: July 10, 1973
Time: 10:24 am - 11:02 am
Location: Oval Office
The President met with George P. Shultz, Gerald R. Ford, Hugh Scott, William E. Timmons, and
Ronald L. Ziegler. This recording began while the conversation was in progress.
-4-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
National Economy
-President’s statement on Phase IV of the Economic Stabilization Program
-Timing
-Rationale
-Implementation
-Timing
-Consultations
-Congress
-Labor
-Reports
-President’s decision
-60-day price freeze
-Character
-Compared to Phase III
-Selectivity
-Consultation
-Congress
-Recess
-Decision
-Mandatory controls
-President’s statement
-Composition
-Strength
-Extent, area
-Consultation with Congress
-Food prices
-Supplies
-Meat
-Future inflation
-Balanced budget
-1974
-Ceiling
-Revenue bills
-President’s veto
-Congressional override
-Domestic and defense spending
-5-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-John G. Tower
-Defense spending
-Ceiling
-Fiscal year 1973
-Target
-Congress reaction
-Fiscal year 1974
-Ceiling
-Balanced budget
-Tax increases
-Senate estimate
-Caucus
-Committee
-Appropriations
-House of Representatives
-Vetoes
-Health, Education, and Welfare
[HEW]
-Farm bill
-Earl L. Butz
-Escalator
-Contradiction
-Food stamps
-Increases
-Uses
-President’s dislike
-President’s program
-Principles
-Supplies
-Scott’s assessment
-Effect in 1974
-Rationing
-Meat
-Chicken and pork
-Beef
-Thieves
-Farm labor
-6-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-Braceros
-Lettuce, asparagus
-Southern California
-African Americans
-Japanese Americans
-Mexican Americans
-Victory gardens
-Agriculture Department
-Productivity commission
-Charles H. Percy
-Schultz’s note
-Legislation
-Legal requirement
-Volunteerism
-Steel, Construction
-Continued authorization
-Inflation, unemployment
-Rates
-Effects
-Priority
-Congress roll
-Budget
-Legislation
-Business, labor, farmer roles
-Freeze
-Effects
-Possible congressional pay raise
-Scott’s conversation with Ford
-Everett M. Dickson [?]
-Minority view
-Capital extension
-Carl B. Albert’s comments to Thomas P. (“Tip”) O’Neill and
Leslie C. Arends
-Vice President, Speaker of the House, President, Congressional
Party leaders
-1968 law
-Political considerations
-7-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-1974 elections
-O’Neill
-Albert
-US Senate vote
-Rules committee
-Hiram L. Fong and Gale W. McGee bill
-Commission
-Flexible investment tax credit
-Forced savings
-Arthur F. Burns
-Percy, Wilbur D. Mills
-Endorsements from Wall Street Journal, Christian Science
Monitor, New York Times
-Congressional action
Ford, Scott, Timmons and Ziegler left at 10:45 am.
National economy
-US dollar
-Effect of export controls
-Devaluation
-Meeting of European central bankers in Bonn, West Germany
-Intervention in exchange markets
-Support
-Foreign exchange market reaction
-US commitments
-Views of Burns and Paul A. Volcker
-President’s programs
-Export controls
-Corn
-Crop reports
-Phase IV
-Decision
-Credibility
-Effect on exchange markets
-Europeans’ view
-Experience with price and wage freezes
-8-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-Fiscal and monetary policy
-Fiscal and monetary policy
-Budget statement
-Memorandum
-Meeting
-Bryce N. Harlow
-Forthcoming meeting with President
-Interpretation of fiscal matters
-Shultz’s recommendations
-Forthcoming statements by Ford and Scott
-Timing of decision
-President’s statement
-Joint session of Congress
-Intervention in exchange markets
-President’s programs
-Statement
-Congress
-Partisanship
-Harlow’s view
-Phase IV
-John Dunlop’s view
-Federal budget
-Fiscal discipline
-Possible spending cuts
-Possible tax increase
-Joint Committee
-Spending ceiling
-Size of deficit
-Possible vetoes
-HEW
-National defense
-Cuts
-Congressional action
-Rates
-Memorandum
-Intervention in exchange markets
-Burns
-9-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
-Federal Reserve
-President’s decision
-Federal budget
-Percy’s statement in previous meeting
-Burns’s viewpoint
-Debt ceiling
-House Ways and Means Committee
-Barber B. Conable, Jr.
-Mills
-Tax increases
-Burns’s viewpoint
-Gasoline tax
-Possible cut in income tax
-Delay
-Spending
-Surcharge on income and corporate taxes
-1968
-Variable investment tax credit
-Revenue
-Possible congressional tax legislation
-Closure of loopholes
-Wall Street reaction
-Gasoline tax
-Conservation
-Tax reform discussions
-Compared to income tax
-Cost of living increase
-Regressive tax
-Income tax credit
-Republican enthusiasm
-Ways and Means Committee action
-Budget surplus
-Laird, Harlow
-President’s program
-Statement
-Joint Session of Congress
-Substance
-10-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 947-4 (cont’d)
Shultz left at 11:02 am.