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Conversation: 947-004

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Start Date: 10-Jul-1973 10:24 AM

End Date: 10-Jul-1973 11:02 AM

Participants:

Nixon, Richard M. (President)Shultz, George P.Ford, Gerald R.Scott, HughTimmons, William E.Ziegler, Ronald L.

Recording Device: Oval Office

947-004.mp3

NARA Description:

On July 10, 1973, President Richard M. Nixon, George P. Shultz, Gerald R. Ford, Hugh Scott, William E. Timmons, and Ronald L. Ziegler met in the Oval Office of the White House from 10:24 am to 11:02 am. The Oval Office taping system captured this recording, which is known as Conversation 947-004 of the White House Tapes.

Nixon Library Finding Aid:

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.