Conversation: 128-001
Prev: 127-023 Next: 128-002Start Date: 10-Jul-1973 8:32 AM
End Date: 10-Jul-1973 10:24 AM
Participants:
Nixon, Richard M. (President); Agnew, Spiro T. (Vice President); Shultz, George P.; Stein, Herbert; Dunlop, John T.; Scott, Hugh; Cotton, Norris; Tower, John G.; Brock, William E., III; Scott, William L.; Packwood, Robert W.; Percy, Charles H.; Ford, Gerald R.; Arends, Leslie C.; Anderson, John B.; Rhodes, John J.; Edwards, William J. ("Jack"); Devine, Samuel L.; Martin, David T.; Conable, Barber B., Jr.; Michel, Robert H.; Stanton, J. William; Broyhill, Joel T.; Bush, George H. W.; Laird, Melvin R.; Harlow, Bryce N.; Armstrong, Anne L.; Ash, Roy L.; Haig, Alexander M., Jr.; Flanigan, Peter M.; Timmons, William E.; Cole, Kenneth R., Jr.; Friedersdorf, Max L.; Webber, Frederick L.;Recording Device: Cabinet Room
NARA Description:
On July 10, 1973, President Richard M. Nixon, Vice President Spiro T. Agnew, George P. Shultz, Herbert Stein, John T. Dunlop, and Republican Congressional leaders, including Hugh Scott, Norris Cotton, John G. Tower, William E. Brock, III, William L. Scott, Robert W. Packwood, Charles H. Percy, Gerald R. Ford, Leslie C. Arends, John B. Anderson, John J. Rhodes, William J. ("Jack") Edwards, Samuel L. Devine, David T. Martin, Barber B. Conable, Jr., Robert H. Michel, J. William Stanton, Joel T. Broyhill, George H. W. Bush, Melvin R. Laird, Bryce N. Harlow, Anne L. Armstrong, Roy L. Ash, Alexander M. Haig, Jr., Peter M. Flanigan, William E. Timmons, Kenneth R. Cole, Jr., Max L. Friedersdorff, and Frederick L. Webber, met in the Cabinet Room of the White House at an unknown time between 8:32 am and 10:24 am. The Cabinet Room taping system captured this recording, which is known as Conversation 128-001 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 128-1
Date: July 10, 1973
Time: Unknown between 8:32 am and 10:24 am
Location: Cabinet Room
The President met with Vice President Spiro T. Agnew, George P. Shultz, Herbert Stein, John T.
Dunlop, Hugh Scott, Norris Cotton, John G. Tower, William E. Brock, III, William L. Scott,
Robert W. Packwood, Charles H. Percy, Gerald R. Ford, Leslie C. Arends, John B. Anderson,
John J. Rhodes, William J. (“Jack”) Edwards, Samuel L. Devine, David T. Martin, Barber B.
Conable, Jr., Robert H. Michel, J. William Stanton, Joel T. Broyhill, George H. W. Bush, Melvin
R. Laird, Bryce N. Harlow, Anne L. Armstrong, Roy L. Ash, General Alexander M. Haig, Jr.,
Peter M. Flanigan, William E. Timmons, Kenneth R. Cole, Jr., Max L. Friedersdorf, and
Frederick L. Webber
[Recording begins while the conversation is in progress]
National economy
-President’s consultations
-Business and labor groups
-Economists
-Congress
-Freeze
-Forthcoming decision
-Schedule
-Congress
-Phase IV
-Freeze
-Export control
-Freeze
-Compared to 1971
-Businessmen’s views
-Farmers’ views
-Wholesale Price Index
-Employment
-Inflation
-Effect on families
-Phase IV
-Controls
-Duration
-President’s view
-Possibilities
-Shultz’s briefing
2
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Agenda
-Balanced budget Fiscal Year 1974
-Congress
-Status
-Employment
-Industrial production
-Real income
-Inflation
-Consumer Price Index [CPI]
-Food prices
-Effect on dollar
-Freeze
-Post-freeze era
-Demand pressure
-Food supplies
-Cost increases
-Food
-Prices
-Supplies
-Controls
-Effects
-Devaluation
-Effect on inflation
-Food supplies
-Effect of freeze
-Decreases
-Poultry and meat supplies
-Agriculture
-Short-term
-Feed grain projections
-Effect of possible legislation
-Farm bill
-Dairy products
-Export Controls
-Soybeans
-Prices
-Balance of payments
-Rhodes
-Possible actions
-Beef supplies
-Farmers’ attitudes toward stock-raising
-Freeze
3
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Popular view
-President’s decision
-Farmers’ view
-Ford’s district
-President’s decision
-Factors
-Wage negotiations
-Possible congressional action
-Wage negotiations
-Frank E. Fitzsimmons, Paul Hall, George Meany
-Phase IV
-Percy’s view
-Capital investment
-Effect on inflation
-Tax policy
-Investment tax credit
-Business views
-Anderson
-Inflation
-Increasing supplies
-Farm products
-Demand
-Possible forced savings
-Effect
-Release of strategic stockpiles
-Federal spending
-Possible ceiling
-Congress
-Brock
-Edmund S. Muskie
-Timmons
-Arthur F. Burns’ view
-Tax increases
-Tax on leaded gasoline
-President’s speech on energy
-Productivity
-Phase IV
-Burns’ views
-House Ways and Means Committee
-Senate Finance Committee
-Russell B. Long
-Possible congressional action on tax bill
4
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Ford’s view
-Investment tax credit
-President’s authority
-Ways and Means Committee discussions
-Release of strategic stockpiles
-Possible legislation
-Sponsor
-Department of Defense [DOD], National Security Council [NSC]
-Views
-Importance
-President’s view
-NSC
-Effect on prices
-Ford’s conversation with F. Edward Hébert
-Arends possible conversation with Hébert
-Tin
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Country
[To listen to the segment (12s) declassified on 02/28/2002, please refer to RC# E-633.]
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-Fiscal Year 1973 federal budget
-Size
-Fiscal Year 1974 federal budget
-Revenue estimates
-Possible congressional action
-Importance of fiscal policy
-Possible congressional action
-Budget ceiling
-Percy
-Harlow, Laird, Ash, Timmons
-Budget ceiling
-Brock, William V. Roth, Jr.
-Samuel J. Ervin, Jr.
-Muskie’s view
-Percy’s 1969 bill with Harrison A. Williams, Jr.
5
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Possible automatic tax increase
-Balanced budget
-Phase IV
-Possible provisions
-President’s schedule
-Freeze
-Popular views
-Phase IV
-Dunlop’s view
-Schedule
-Raw agricultural products
-Costs of primary materials
-Possible pass-through
-Effects
-Producers versus consumers
-Meat ceilings
-Costs
-Views
-Poultry and pork
-Possible pass-through
-Various segments of industry contrasted
-Problems
-Dunlop’s July 9, 1973, meeting with businessmen in Atlanta
-Food industry contrasted with other industries
-Controls
-Phase III
-Pass-throughs
-Food, petroleum
-Inflation
-Food prices
-Phase IV
-Possible float of the dollar
-Phase III
-Rubber companies’ actions
-Phase IV
-Profits
-Devaluation
-Effects
-Food
-Overseas travel
-Foreign take-overs
-Productivity Commission
6
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Tower and Packwood
-Publicity
-Phase IV
-Possible productivity councils
-Steel industry
-I[lorwith] W. Abel
-Effect on inflation
-Forthcoming business-labor meeting
-Food
-Lettuce
-Mexicans
-Apprehension by United States’ Secret Service
-Leonid I. Brezhnev’s visit
-Cesar E. Chavez
-Common Cause
-California unemployed
-Stoop labor
-Possible prices
-Democratic Convention in 1972
-Labor
-Korean War
-Phase IV
-Price controls
-Uncertainty
-Announcement of President’s forthcoming program
-Format
-Democratic efforts
-Republican efforts
-Possible tax legislation
-Spending ceiling
-Freeze
-Popular opinion
-Farmers’ view
-Businessmen’s view
-Consumers
-Possible pass-throughs
-Possible congressional action
-Effects
-Options
-Problems
-Long-term solution
-Food prices
7
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Employment
-Status
-Compared to 1971
-Administration’s position
-Long-term solution
-Possible congressional action
-Possible pass-throughs
-Effect
-Food prices
-Need for controls
-Cotton’s view
-New Hampshire farmers
-Anecdote
-Possible government action
-House Banking and Currency Committee
-Wright Patman
-House rules compared to Senate rules
-Debt ceiling
-Ford’s recommendations
-Agricultural commodities
-Onions
-Lettuce
-Meat
-Options
******************************************************************************
Timber exports
[To listen to the segment (1m48s) declassified on 02/28/2002, please refer to RC# E-633.]
******************************************************************************
-Congressional pay increase
-Linkage to civil service and judiciary
-President’s forthcoming Phase IV program
-Congressional review
-Shultz
-Democrats’ possible reaction
-Burns’ views
-Administration
-Food
8
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-President’s view
-Rationing
-Jesse Wolcott [?]
[General conversation/Unintelligible]
The President, et al. left at 10:24 am