The Baytown Sun (Baytown, Tex.), Vol. 63, No. 82, Ed. 1 Tuesday, February 5, 1985 Page: 3 of 28
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Stockman dares Congress
Budget director concedes budget woes
THE BAYTOWN SUN
WASHINGTON (AP) -
Budget Director David
Stockman, conceding “problems
in many places” in President
Reagan’s 1986 budget, is
challenging a skeptical Congress
to try to devise a fairer plan.
“There aren’t many good
alternatives and 1 think Con-
gress will discover this,” said
Stockman. He was arguing the
case for tije president’s $974
billion budget before the Senate
Budget Committee Tuesday.
Republican House and Senate
leaders have made it clear
they’re not about to swallow the
president’s $974 billion budget
whole and will use the document
more as a starting point in their
own deficit-reduction efforts. .
At least two0 major programs
spared from Reagan’s budget
knife — defense and Social
Security — will be “on the table”
along with other federal spen-
ding, budget leaders in both
chambers said Monday.-- ’
But Stockman said that, while
he anticipated “a very noisy
debate on defense,” the ad-
ministration felt it had already
gone as far as it could go on Pen-
tagon spending restraint. . t
“Our plan is balanced and it’s
fair,” Stockman told a press ,
briefing. “I have no doubt
political resistance and opposi-
tion will be strong. And maybe
that is an understatement. But
there are no alternatives.”
Stockman was th£ only
witness before the panel as it
began a full week of hearings on
the president’s budget.
Committee Chairman Pete V.
Domenlci, R-N.M., said that
neither Reagan’s defense budget
nor the president’s vow not to
touch Social Security benefits
was sacred.
However, even with further
cuts in defense spending and
even if Congress goes along with
a freeze on Social Security cost-
of-living benefits, “we still have
to find a big chunk of domestic
spending,” said Domenici.
“There’s going to be problems
in many places. The politics of
this are going to be difficult,”
Stockman told reporters after he
met Monday with House and
Senate budget leaders.
Asked whether the ad-
ministration would be willing to
reduce its Pentagon spending re-
quest, Stockman said the in-
crease in the budget is “what we
think is needed. It’s too early to
say what we’re going to give
on.”
Reagan’s budget, which would
abolish, freeze or slash scores of
familiar federal programs,
found few outright champions on
Capitol Hill, even among
Reagan’s usual allies.
House Republican Leader Bob
Michel described the plan as a
“starting point,” and said, “I do
not endorse every recommenda-
tion.”
Senate Majority Leader
Robert Dole, R-Kan., proposed
cutting Reagan’s $30 billion
defense increase in half and
declared: “It’s going to be very
difficult to<lo many of the things
he (Reagan) wants to do.”
Democrats, who earlier this
year had kept a low-profile on
budget matters, came out sw-
inging.
Senate Democratic Leader
Robert C. Byrd of West Virginia,
called Reagan’s budget “unac-
ceptable.” Rep. Bill Alexander
of Arkansas, the deputy
Democratic whip, called it
“unrealistic, unfair and wrong”
and said it exhibited an ad-
ministration that wanted “to
ravage once again those who are
poor.” ''
House Speaker Thomas P.
O’Neill Jr., D-Mass., said
Reagan’s proposal “takes the
pain of budget cutting directly to
Middle America,” although he
(reiterated his earlier promise
that it would receive “serious
consideration’/ in Congress.
The proposed budget would
end the $4.6 billion revenue shar-
ing program to local govern-
ments; impose larger costs on
the users of Medicare; eliminate
the federal subsidy for Amtrak;
trim the pay of federal workers
by 5 percent and make deep cuts
in farm and education pro-
grams. The Small Business Ad-
ministration would be abolished,
as would the Job Corps and the
Legal Services Coip.
Middle class, may be shut out,.
'' ;
Educators opposeloan reductions
WASHINGTON (AP) - Col-
lege leaders say middle-class
families, already strapped by
the- cost* bf higher education,
could be shut out of many cam-
puses by President Reagan’s
plan to dehy loans and grants to
more than 1 million students.
But Gary L. Jones, the acting
secretary of education,
predicted Monday the cuts
would have no effect on college
enrollment, which has stayed at
a near record high of 12.5 million
despite previous Reagan aid
cuts. •
Jones said administration of-
ficials, in aiming most of the
cuts at middle-and upper-
income families, assumed “that
they . always have had extra
money at home, and the parents
haye chosen to buy a car or
make another form of invest-
ment as opposed to applying it to
their students’ education.”
But leaders of the major,
higher education associations,
’ who held a news conference out-
side the Education Department
after its budget briefing, charg-
ed that cuts would wreak havoc.
John D. Phillips, president of
the National Association of In-
dependent Colleges and Univer-
sities, said, “It is unfair, it’s un-
conscionable for the administra-
tion to accuse the parents of this
country of failing to^make their recipients would be knocked out.
propel* contribution to their The adminstratlon would ex-
incomes under $12,000. Some
808,000 of the 2.8 million current
proper
children’s education.”
- “We think in one fell swoop the
Reagan budget makes the ‘na-
tion at risk,’” said Dale Parnell,
president of the American
Association pf Community and
Junior Colleges, in a play on the
title of the 1983 Reagan ad-
ministration advisory report, “A
Nation at Risk,” that decried
mediocrity in U.S. schools.
The cuts, starting with the
1986-87 academic year,, would
mean that 1,027,000 of the cur-
rent 5.3 million student aid reci-
pients would get no help from
Washington.
Reagan asked Congress to im-
pose a $4,000-per-student annual
cap on the total grants, loans and
work-study funds; deny
Guaranteed Student Loans to
those with family incomes above
$32,500; and bar those with fami-
ly incomes above $25,000 from
Pell Grants, Work-Study jobs
and National Direct Student
Loans.
Also, the Pell Grant allocation
formula would be adjusted so
that 85 percent of the money
would go to students with family
pand a backup loan program
called PLUS, under which
students or parents could borrow
up to $4,000 a year at higher
rates.
Phillips predicted banks would
not make the loans. The. ad-
ministration is also asking Con-
gress to cut the banks’ special
allowances.
Reagan targeted higher
education for most of the cuts in ,,
the Education budget. Its
outlays would drop from $17.4
billion to $16.9 billion in 1986, and
its budget authority would dive
from $18.4 billion to $15.5 billion.
Jones complained that Con-
gress had turned “almost a deaf
ear” to past Reagan proposals to
rein in the costs of the student
aid programs, which have
jumped from $5.1 billion in 1980
to $8.6 billion in 1985, largely due
to a surge in guaranteed loans.
Congress, at Reagan’s urging,
eliminated Social, Security
benefits for college students in
1981 and required those with
family incomes above $3Q,000 to
demonstrate need for
guaranteed loans.
Tuesday, February 5, 1985*_S-A
7 •
—-* Consolidated Report of Condition of Citizens Bonk and Trust Company of Baytown, Texas And Foreign and Domestic Sub-
sidiaries, at the close of business December 31, 1984, a state banking institution organized and operating under the banking:
lows of this state and a member of the Federal Reserve System. Published in accordance with a call made by the State Banking.
Authority and by the Federal Reserve Bank of this District.
ASSETS
Cash and balances due from depository institutions (fromSchedule RC-A):
a. Noninterest-bearing balances and currency and coin..................................
............12,586,000
b. Interest-bearing balances............................................................
.... NONE
2. Securities (from-Schedule RC-B)..........................;____.......... ................
.54,384,000
3. Federal funds sold and securities purchased under agreements to resell. .......
4. Loans and lease financing receivables: .
..1,050,000
a. Loons ond leases, net of unearned income (from Schedule RC-C)..........................
46,292,000
m'
b. LESS: Allowance for loan and lease losses.......................v.....______;.... ..
.. 334,000
c. LESS: Allocated transfer risk reserve....................................________,
d. Loans ond leases, net of unearned income, allowance, and reserve (item 4.a minus 4.b and 4.c)
.... NONE
45,958,000
5. Assets held in trading accounts.........................................................
...,.......
.... NONE
6. Premises arid fixed assets (Including capitalized ledses). . ............. . .....
.. 3,622,000
8. Investments in unconsolidated subsidiaries and associated companies
9. Customers' liability to this bonk on acceptances outstanding.......
10 Intangible assets.. . . -.
'll. Other assets (from Schedule RC-F)................
)2. Total assets (sum of items 1 through ! 1)............
• -jCSw'tk-
.......... NONE
............ NONE
■ H -W ‘.it-*' iiSlfclg NONE
...... 3,002,000
.............120,625,000
. LIABILITIES .
13. Deposits.
a. In domestic off ices (sum of totals of columns A and C from Schedule RC-E).
(1) Noninterest-bearing............... ............................
(2) Interest-bearing................... ............
14. Federal funds purchased and securities sold under agreements to repurchase..
15. Demand notes issued to the U.S. Treasury .. .....................
16. Other borrowed money................................................
17. Mortgage iridebtednessand obligations under captilized leases. . . ....... . . .,
18. Bank's liability on acceptances executed and outstanding................
19. Notes and debentures subordinated to deposits.....................—.....
20. Other liabilities (from Schedule RC-G).................... .........................
21. Total liabilities (sum of items 13 through 20)................. .......................
22. Limited-life preferred stock............................... ....................
EQUITYCAPITAL • „
23. Perpetual preferred stock......... ..... .....................-----
24. Common stock .............................................. ...................
25. Surplus..... .................................V.................................
26. Undivided profits ond capital reserves.......................................
28. Total equity capital (sum of items 23 through 27).' ................,.................
29. Total liabilities, fimited-life preferred stock, and equity capital (sum of items 21,22, and 28)
105,850,000
La Porte sets April 6 election
By LINNEA SCHLOBOHM
LA PORTE — La Porte City
Council Monday set April 6 as
the date „ for both the city’s
regular annual election and a
special flection necessitated by
the resignation of District 1
CouncUman Norman Malone.
The terms of Mayor Virginia.
Cline, District . 2 Councilwoman
Paula Bridges and District 3
Councilman Edward Matuszak
expire in April.
During the council meeting,
Malone read a statement in
which he immediately resigned
his council seat and stated his in-
tention to seek the office of
mayor. Malone had two years
left to serve on his three-year ,
council term..
Malone said that in running for
mayor he hopes to “bring a
positive aspect” to council and
will strive to get council to work
together.
In addition to Malone’s;
resignation, City Manager Jack
Owen reported the resignation of
Robert Herrera, director of ad-
ministrative services for the ci-
ty. Herrera,said he is resigning
to become the assistant city
manager of San Marcos.
After considerable discussion,
council approved the rezoning of
a .67-acre tract of land At the cor-
ner of Brookwood and Fairmont
Parkway from residential to
commerical to allow construc-
passing the rezoning ordinance
on merely the “good faith”
Statement of developers that the.
property would actually be used
for the purpose stated.
Councilwoman Linda
Westergren expressed disagree-
ment with the concept of zoning
for a specifiic purpose rather
than simply under the guidelines
of the zoning classifications, but
the ordinance ultimately passed
did indude a restriction that the
property be used for a conve-
nience store.
Mrs. Bridges objected to the
spot zoning because council has
refused to rezone an area along
Spencer Highway currently used
commercially from residential
to commercial. The area to
which Mrs. Bridges referred
was annexed by the city in
December 1983, and under city
ordinance the entire area had to
be annexed as residential pro-
perty.
“You can’t get toning on
Spencer but if someone pays the
$100 (filing fee for a zoning re-,
quest) they can get rezoned,”
she said.
Council also entered into a
contract with St. James
Presbyterian Church to ad-
minister a taxicab transporta-
tion program for senior citizens
of La Porte with grant funds of
up. to $6,000 per year as those
funds are available to the city.
In other business, council ap-
proved the operating budget of
the ambulance division and
authorized the expenditure of
$10,000 to fund the 1985 redistric-
ting project.
I, Wynaell Brinkley, V.P.&Cashier , of the above-named bank do hereby declare that this Report of Condition
, Nam* and tili* of officer authorized lo sign report 0 *
has been prepared in conformance with the instructions issued by the Board of Governors of the Federal Reserve System
and the State Banking Authority and is true to the best of my knowledge and belief.
We, the undersigned directors, attest to the correctness of this Report of Condition and declare thatjt has been examined
by us and to the best of our knowledge and belief has been prepared In conformSnce with the Inafructiona issued by the
Board of Governors of the Federal Reserve System and the State Banking Authority and is true.anp correct.
State of
Sworn to and subscribed before me this 31st
day of January__t ig85
Two different concerns regar-
ding the rezoning issue, which
was at one point in the meeting
tabled and then brought back on
the agenda, were expressed by
Matuszak objected to council
R01AKM0SLE
A Subsidiary of PaineWebber
^Member of New York Stock Exchange, Inc.
Member SIPC ^ ?
* STOCKS AND BONDS * OPTION STRATEGIES
* TAX PLANNING
* RESEARCH
CALL: RICK HARBERS
: OFFICE: (713) 333-9814
1350 NASA ROAD 1, SUITE 202
HOUSTON, TEXAS 77058
PORTFOLIO PLANNING
4* f
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Brown, Leon. The Baytown Sun (Baytown, Tex.), Vol. 63, No. 82, Ed. 1 Tuesday, February 5, 1985, newspaper, February 5, 1985; Baytown, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1099803/m1/3/: accessed June 20, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Sterling Municipal Library.