Like a high-pressure salesman who has his prospect on the defensive, President Nixon last week kept up the pitch for Government frugality that he sounded so strongly in his budget message. In his annual economic report to Congress, Nixon italicized one sentence: Only by holding the line on federal spending will we be able to reduce the inflation rate further in 1973. If that can be achieved, he said, 1973 can be, not just "a very good year" like 1972, but "a great year" in which the U.S. will "enter into a sustained period of strong growth, full employment...

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