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OCR Page 1 of 16This Copy For
PRESIDENT RICHARD M. NIXON'S NEWS CONFERENCE #6
Held in the East Room
At The White House
Washington, D. C.
June 19, 1969
At 7:00 P.M. EDT (Thursday)
Official White House Transcript
THE PRESIDENT: Won't you be seated, please?
Mr. Smith.
QUESTION: Mr. President, I ask this question against
the background of a continually hearing economy. Now with
your tax package seemingly on its way through Congress, are
you giving any concern to doing something elese -- some
new moves against rising prices and the rising cost of
living as they are reflected monthly in the Federal indices?
THE PRESIDENT: Mr. Smith, it is true that we have
rising prices, a rising cost of living, and also rising
interest rates at 8-1/2 percent at the last report. However,
in looking at an economy, we find that there is usually a
lead time of about six months from the time decisions are
made on the economy from a fiscal standpoint within Government
and the effect of those decisions on it.
Now, this Administration has made some decisions -- de-
cisions in cutting the budget, decisions in asking for an
extension of the surtax, and we expect it to be extended, and
other decisions with regard to tightening of credit. We
believe that the decisions that we have made will begin
to have effect within a matter of two to three months. If
our projection proves to be wrong, then we will have to look
to other courses of action, because we cannot allow prices to
continue to go up, interest to go up, and the other factors
which you have described to continue.
Mr. Cormier.