Mr. Thorn's Shock Treatment

Article Abstract:

Great Britain has been seeking a settlement with the European Economic Community (EEC) concerning budgetary compensation for over payment. However, the EEC just introduced a new procedure for determining members' net financial contribution to the EEC budget. In essence, the new formula halved the sum which Great Britain over-contributed. This halves the strength of Britain's claim for budgetary compensation. An explanation for the formula may well be Britain's firm denial to any increase in EEC financial resources, until farm spending is controlled, and an arrangement is established to limit excessive contributions.

United Kingdom

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Doleful Outlook

Article Abstract:

Some Republicans differ with President Reagan and want to emphasize efforts to cut the federal budget deficit. Republican Senator Robert Dole is leading a bipartisan effort to reduce the deficit over three years. The cuts would be achieved by spending cuts and tax increases. An existing deficit-reduction scheme may be expanded.

United States, Deficit financing, Deficit spending

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Just a Reprieve

Article Abstract:

The common agricultural policy (CAP) is doing well. This was confirmed by a European Economic Community (EEC) forecast that the EEC cereals' crop is down. This will help the problem of surplus disposal. CAP should come under reform action in 1984. The commission does not foresee any net cut in farm spending.

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