"The need for responsible fiscal action on both taxes and expenditures has been compelling for months, but in the last few days, in the light of the British action, it has become absolutely imperative." Thus last week did President Johnson react to Britain's 14.3% devaluation of the pound.
Britain's move posed an immediate challenge to the stability of the dollar and the ability of the U.S. Government to defend it. It also gave Lyndon Johnson a new rationale to exert extra pressure for his proposed surcharge on income taxes. He lost no time...
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