The Battalion. (College Station, Tex.) 1893-current, October 30, 1981, Image 11

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    State / National
Wall Street skeptical over deficit
U.S.
debt exceeds predictions
United Press International
Washington — The Reagan
administration says the federal de
ficit could swell to $100 million by
fiscal 1984 — the year it has
targeted for a balanced budget —
unless further measures are taken.
Budget Director David Stock-
man says the administration,
which has already imposed record
tax and spending cuts, is deter
mined to do what is necessary to
bring spending in line and balance
the budget.
Amid these pledges and words
of determination, the government
announced Wednesday that the
federal deficit for fiscal 1981,
which ended Sept. 30, was $57.9
billion, $2.3 billion higher than
the administration’s forecast.
Stockman, citing enormous up
ward pressures on the economy,
said government spending, large
ly due to high interest rates, is
running “substantially beyond our
targets.”
Speaking before Congress’ Joint
Economic Committee Stockman
said, “Congress will have to con
sider some serious and tough ac
tions to bring the deficit down.”
But this year’s figure, since it is
higher than estimates, could in
crease skepticism on Wall Street
and Capitol Hill about forecasts
for 1982.
The bigger the deficit the more
Elvis flew to coast
for drugs, aide says
United Press International
MEMPHIS, Tenn. — Elvis
Presley would round up aides and
ily to the West Coast in the small
hours of the morning in search of
drugs if his personal physician re
fused to give him what he wanted,
a Presley aide has testified.
A jury also was told Wednesday
that Presley took drugs to go wild
on stage, then more to relax after
wards, despite a doctor’s warning
he was on the brink of death be
cause of drug intake.
Testimony depicted Presley as
agulper of sleeping pills, who took
four or five before going to bed
and then demanded more several
times during the night.
The jury also heard of elaborate
measures Dr. George C. Nicho-
poulos, Presley’s physician for 11
years, and aides took to intercept
drug shipments to Graceland,
Presley’s Memphis mansion, and
to replace hard drugs with place
bos, drug-free pills.
Al Strada, an aide to Presley,
testified Presley received much,
much less medication under
Nichopoulos’ care than he had on
the West Coast where physicians
from Palm Springs, Los Angeles
and Las Vegas gave in to his drug
demands.
On occasions when Nicho
poulos refused to give Presley the
medication he wanted, Presley
would arrange a hasty trip to the
West Coast to have his hunger for
drugs satisfied by other doctors,
Strada said.
After one such occasion, a doc
tor visited Presley, who then went
into hiding and remained incohe
rent for a week, he said.
Dr. Larry Wruble, who treated
Presley periodically between 1973
and 1974, said he and Nichopoulos
told Presley that if he continued to
take “uppers, downers and that
kind of thing” he would die.
Military supply supervisor
indicted for bribery, fraud
United Press International
DALLAS — A federal grand
jury has indicted a former super
visor at the Army and Air Force
Exchange Service and two Califor
nia businessmen on bribery
charges.
Raymond]. Pawlowicz, former
AAFES supervisor, was indicted
on six counts for taking kickbacks
from companies selling goods to
the Dallas government agency.
AAFES supplies retail goods to
military personnel and their fami
lies throughout the world.
Pawlowicz, 51, is charged with
taking bribes from companies to
make sure they got AAFES busi
ness. The indictment charges
Pawlowicz with conspiracy to de
fraud the-government, lying to a
federal, grand jury, and filing fals%
income tax returns for three yearsi
Pawlowicz was fired last June
after working for AAFES for 25
years.
The grand jury also charged
Makoto Shiroishi of Los Angeles
and Masaaki Nakamura of Carl
sbad, Calif., with conspiring to
bribe AAFES employees to obtain
business for their jewelry com
panies.
A lengthy investigation into
AAFES procedures already has
resulted in 36 convictions.
the government has to borrow and
the greater the upward pressure
on interest rates.
A late wave of profit prior to the
Treasury’s report on borrowing
needs left the stock market with
mixed results Wednesday in fairly
active trading.
The Dow Jones industrial aver
age, up more than five points at
mid-afternoon following Tues
day’s 7.42-point gain, lost 0.77
point to 837.61.
The administration had forecast
a 1981 fiscal year deficit of $55.6
billion. The deficit for 1980 was
revised to be $59.5 billion after
moving $561 million in income
from oil lease bids into 1981.
The deficit figures, announced
jointly by the Treasury Depart
ment and the Office of Manage
ment. and Budget, resulted from
federal outlays of $660.5 billion
not entirely covered by the $602.6
billion in receipts.
In a move that could help ease
the federal debt, U.S. Trade Rep
resentative William Brock
Wednesday called for worldwide
elimination of subsidies which ma
jor trading nations, including the
United States, use to encourage
their own exports.
Brock said the world’s free mar
ket industrial countries .together
spent $5.5 billion on these sub
sidies in 1980 alone, with the Un
ited States contributing $315 mil
lion.
In general, countries extend
these subsidies by making loans at
below market interest rates to
help their exporters make sales
abroad, particularly in developing
countries.
The money comes from tax
payers of exporting countries.
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THE BATTALION Page 11
FRIDAY, OCTOBER 30, 1981
MANOR
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Written and Directed by LAWRENCE KASDAN
Produced by FREDT. GALLO panavisioN" technicolor
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A LOU ADLER - MICHAEL WHITE PRODUCTION
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Starring TIM CURRY • SUSAN SARANDON • BARRY BOSTWICK
Original Musical Play, Music and Lyncs by RICHARD O'BRIEN
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©1979 20TH CENTURY-FOX |
MIDNIGHT
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1st Prize — 40 x 60 Rocky Horror Poster & 6 month Pass for 2 to The Campus.
2nd Prize — 20 x 40 Rocky Horror Poster 8c 3 month Pass for 2.
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