The Economy: Decision & Delay

When newsmen first gathered around Lyndon Johnson's bedside at Bethesda last week, they found him intently studying a memorandum on the question of a tax increase. The President shoved the document toward the reporters for a quick glance. One sentence stood out. "We feel there is a high premium," it said, "on an announcement within the first ten days of December."

Treasury Secretary Henry Fowler, Budget Director Charles Schultze and Council of Economic Advisers Chair man Gardner Ackley, who prepared the memo, are by no means the only offi cials to believe that the President should make up his mind on...

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