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Conversation 642-023

TapeTape 642StartMonday, January 3, 1972 at 11:00 AMEndMonday, January 3, 1972 at 11:08 AMTape start time04:03:20Tape end time04:12:04ParticipantsNixon, Richard M. (President);  Shultz, George P.Recording deviceOval Office
AudioNARA Description

On January 3, 1972, President Richard M. Nixon and George P. Shultz met in the Oval Office of the White House from 11:00 am to 11:08 am. The Oval Office taping system captured this recording, which is known as Conversation 642-023 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 642-23

Date: January 3, 1972
Time: 11:00 am - 11:08 am
Location: Oval Office

The President met with George P. Shultz.

     Budget
         -Health Bill
              -Medicare
                    -Present waiting period provision on costs
                         -Views of Caspar W. (“Cap”) Weinberger, Elliot L. Richardson,
                               John D. Ehrlichman and Shultz
                    -Sharing costs
                         -Waiting period
                         -Views of the elderly
                    -Ways and Means Committee and House Resolution [HR] 1
                         -Waiting period
                               -Senate Finance Committee
                               -Richardson's position

                                -Elderly
                           -Weinberger's position
                                -Cost
                -Richardson
                     -Day care bill
                     -Herman E. Talmadge bill
                     -The President’s view
                     -Memorandum
                     -Constituency
                -Shultz’s proposal to the President
                     -Reasons
                           -Expense
                           -Weinberger’s view

The President's schedule
     -Forthcoming meeting with Shultz and Weinberger
          -Budget

National economy
     -Projections
           -Gross National Product [GNP]
                -Base adjustment
                -Range of error

Council of Economic Advisors [CEA]
    -Herbert Stein and Ezra Solomon
    -Possible woman member
    -Marina von N. Whitman
           -Stein's view
           -John B. Connally's view
           -Stein
           -H. R. (“Bob”) Haldeman's forthcoming call to Connally
                 -Woman member
                       -Political advantage
    -Woman member
           -Connally's view
                 -Forthcoming call from Shultz
                       -Political advantage
                             -Supreme Court
                       -Stein
    -Whitman

                 -Price Commission
                 -International economics
                       -Treasury Department staff
                 -Kenneth W. Dam's views
                 -John [D. Ehrlichman?]
                 -Paul W. McCracken's views
                 -Appearance

     The President's interview with Dan Rather, January 2, 1972
          -Camera angles
               -The President's appearance

Shultz left at 11:08 am.
Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

Good God, we've got a problem.
Tell us why you're in this situation.
Well, I'm not in this situation.
Well, will there be, will there be any reason to have the stoats, and then the fridge, and then the wine-frigger, or what is the...
I don't have a sense of time to discuss it.
I'll let you know.
You can't find it.
I'll let you know.
I'll let you know.
I'll let you know.
I just threw it into the bathroom.
See, there's another letter.
Well, that other letter is where you might find it.
It's in my possession.
Because the other letter, I threw that out there, but it could be inside that.
Because that other letter, I'd written a note on it.
And this piece of paper, I already know.
I'll get it in the pocket here.
I thought that was pretty goddamn cheap, and she should have just not asked me to do it.
So I didn't have a question to answer.
But I think the fact that you made a school of papers all the time, and it was funny, it was a little, did you have a relaxed, cool, and a good will?
I think it was.
I had a little thing there where I said, well, you know, everybody can say that their president has done something.
I said, of course, there were some of my supporters who thought that the bombing was coming to you.
I think it's 5.30.
No, it's 3.30.
There's got to be, got to be, got to be, got to be, got to be, got to be.
Oh, yes, sir.
Now, do you see a piece of paper or my, uh...
I'll see if I can find it.
Oh, I do.
The other letter, I threw that out there, but it could be inside that, because that other letter, I read a note on that.
This piece of paper I know.
I don't get the power to do this.
Reception.
Reception.
He didn't want my burger in it.
I think to a certain extent it's a paper issue.
Capfield's rather strongly about it.
And on the whole, as I mentioned to John earlier, when I was in agreement, it involves a Medicare waiting period before which people pay some of their costs.
The law now is that it goes 61 days before they share in the costs.
The philosophy of your health bill, which we followed through with in the Medicare proposal, is that it's good for people to share in the cost because it is a way of making them help manage the system.
The last year, we got some very good for 10 days without sharing, and after the 10th day, they start sharing in the cost.
That is very unpopular with the old folks.
But that was our position.
And we made some headway in Ways and Means in H.R.
1, and they have a 31-day waiting period rather than a 61-day waiting period.
Now, the budget issue is whether to stay with our 10-day position or say, well, we got the 31 days in H.R.
1, and that'll be our position now before the Senate Finance Committee.
That's what Elliott wants to do.
He feels that if we do that, we won't further alienate the old folks.
If we go back to 10 days, we'll get them all sore-headed.
And we're not going to win.
The reason CAP is so uptight about it is that it's $350 million.
Those aren't real dollars.
They're paper dollars in the bank.
Would you mind just putting your two-direction one at your exact point?
I'll talk to her.
Good.
John, I'm willing to fight the, you know, diver.
Losing causes of mine are on this one.
I thought that's what happened.
And I said, well, what's up?
He doesn't lose everything in his office.
He's got the most of it because of who you are.
Normally, I would just sell this myself, but it costs a lot of money, and Cap is very concerned about it, so I wanted to be sure to go over it with you.
We're going to come in at 11.30, and we'll show you the bad news on the budget and where we stand.
So, I believe that...
Oh, it'll be all right.
Well, we'll see.
We'll see the projections and everything.
What did we finally come up with on the
It will come out somewhere around 1150, 1052.
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