Domestic Policy Ford/Carter WIP

Oil Consumption 1974

35% from overseas, combined with OPEC embargos led to energy crisis

“WIN” buttons

Whip inflation now, Ford, higher taxes and lower federal spending

Tax Cuts

Jan 1975, called for $16 billion tax cut, March congress passed $22 billion but increased public spending

Revenue Adjustment Act 1975

Another tax cut, $9 billion, assurances congress would limit spending

Omnibus energy bill

Late 1975, accepting 12% reduction in domestic il prices for an authority to end price controls over a 40 month period, compromise