Secret White House Tapes

947–4

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.
Secret White House Tapes |

947–4

This recording is currently not available on millercenter.org. To listen to it, please email Mike Greco at mdg4u@virginia.edu

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