Share this story
Close X
Switch to Desktop Site

Treasury chief indicates cautious favor of tax cut

Treasury Secretary G. William Miller, in an interview on ABC's "Issues and Answers" program Sunday, indicated cautious acceptance of a congressional tax cut to go into effect in 1981 but decried any weakening of the administration's budget-balancing drive, Monitor correspondent Richard L. Strout reports. Mr. Miller referred to the recent 10-percent-a-year, across-the-board tax cut proposal of Ronald Reagan as a "Barnum & Bailey" aproach.

He appeared to be trying to apply the breaks to a political stampede for tax cuts. He forecast that inflation would be down to a "single digit" by the end of the year but added that unemployment, now around 8 percent, will probably go higher. The "rate of enconomic contraction has declined," Mr. Miller said, citing more hopeful signs in the housing and automobiles industries.

About these ads

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.