Earlier this year, before the expiration of the legislation authorizing the Cost of Living Council, I proposed to the Congress that a residual group within the Executive Office of the President be authorized to monitor wages and prices, as an on-going part of our fight against inflation.
Special Message to the Congress Proposing Establishment of a Cost of Living Task Force
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I am pleased that in this bill the Congress has expressed support for our objectives by authorizing $22.2 billion for military procurement purposes during fiscal year 1975.
This legislation exceeds my budgetary recommendations by such a large amount--some $540 million--that it presents a clear and distinct threat to our fight against inflation and cannot be accepted.
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