November 22, 1962 – Showdown On Tax Reform – Taking A Breather In The India-China War
November 22, 1962 – A busy Thanksgiving Day in 1962. On Capitol Hill, an uproar over the new Tax Reform package and fears it may be shot down. Congressional leaders were putting the brakes on news of a Tax Cut, with several quoted as saying they were in favor of genuine Tax Reform but 100% against a windfall gift to loopholers. Others saying at issue was the equality of burden and not jobs.
On the bright side, it was being mulled over in Congress, but the notion that assured cheap nuclear power could become a reality by 1970. The Atomic Energy Commission revealed that during the next decade; the 70s, many of our electric light bulbs will be lit by Atomic power. And this country would begin saving billions of dollar as the result. It was advised that America needed at least 20 new Atomic power Plants before the decade of the 60s was over.
Moscow and the West were exploring the possibilities of a “Cold War thaw”, weeks after the Cuban Missile Crisis placed us dangerously close to a nuclear war. On this day there were signs that the Soviets were willing to make some sort of accommodations with the West, or as the President put it: “We are at a turning point in history” and that we were on the verge of unpredictable events.
And meanwhile, at the border between India and China and site of the latest border war, a ceasefire between India and China was uneasily put in place as both sides scrambled to find a solution to the ongoing problem.
And that’s a little bit of what happened this November 22, 1962 – as presented by NBC Radio’s News Of The World with Morgan Beaty.