Verity Predicts 15% Deficit Reduction
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WASHINGTON — Commerce Secretary C. William Verity Jr. predicted Tuesday that the Reagan Administration would exceed its goal of cutting last year’s $171-billion deficit by more than 15%.
“At this point in time I think that we will probably do better than the 15%,” he said on NBC’s “Today” program.
He said that would cut the trade deficit to a little below $150 billion and added that he thought it could be cut below $100 billion in two or three years.
The monthly U.S. trade deficit of imports over exports shrank to $9.75 billion in March.
Verity also proposed a compromise on a controversial section of the trade bill--that Congress express a non-binding sentiment that workers get 60 days’ notice of plant closings rather than require such notice.
President Reagan vetoed Congress’ trade bill Tuesday largely because it would require notice of plant closings by law. The House voted immediately 308-113 to override his veto.
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