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July 25, 1980 - Image 13

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Publication:
Michigan Daily, 1980-07-25

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The Michigan Daily-Friday. July 25, 1980-Page 13
Bid by Carter
to deny Reagan
funds rejected

From UPIand AP
WASHINGTON - The Federal
Election Commission yesterday rejec-
ted President Carter's attempt to deny
Ronald Reagan campaign funds and
approved a check for $29.4 million to
finance the Republican's White House
drive.
The commission-made up of three
Democrats and three
Republicans-unanimously approved
the payment after a court refused a
Carter campaign request for a tem-
porary injunction halting the payment.
THE PAYMENTS GO to the
Republican and Democratic presiden-
tial nominees. Other presidential can-
didates can qualify for funding on a
retroactive basis depending on how
many votes they get in November.
The Carter campaign claims Reagan
is ineligible for the cash because in-
dependent groupa run by well-known
Republicansand conservatives have
sprung up to raise and spend up to $60
million to get Reagan elected.
The law limits a candidate to spen-
ding only the $29.4 million given him by
the government.
THE SUPREME COURT ruled

previously individuals may spend what
they wnat to promote a candidate if
they act independently. At issue is
whether that ruling allows committees
to organize multimillion-dollar efforts
such as those for Reagan. If not, then
those committees spending money for
Reagan could make him ineligible for
the federal cash.
Meanwhile, Reagan's campaign
managers, in a sudden turnaround,
droppead plans yesterday to draft a
"definitive report" on the abortive
negotiations to recruit former
President Gerald Ford as Reagan's
vice presidential running mate.
Reagan spokesman Lyn Nofziger
said the reversal of a promise made a
day earlier was intended to let the con-
tinuing controversy over the
negotiations fade away as a campaign
issue. Critics have charged that the
last-minute talks with Ford raise
questions about Reagan's judgment
and how far he would go to win the
presidency.
The reversal was announced as
Reagan and George Bush, his second
choice for running mate, met .privately
with top advisers to discuss campaign
strategy.

AP Photo
REPUBLICAN PRESIDENTIAL CANDIDATE Ronald Reagan, left, is greeted
on his arrival in Los Angeles by running mate George Bush yesterday. Reagan
and Bush plan to hold joint meetings with members of both their political
campaign staffs.
2 U.s. auto makers
suffer record losses

r

DETROIT (UPI) - General Motors
Corp. and American Motors Corp. said
yesterday they suffered record losses in
a. severely depressed second quarter
that likely will be the worst in U.S. auto
industry history.
GM said it lost $412 million in the
April-June period, by far the largest
three-month deficit in its 72-year
history.
EQUALLY DISTRESSED by the
Daily
Classifieds
(Continued from Page 12)
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current automotive sales downturn,
American Motors Corp. pegged its
deficit at $84.9 million.
Estimates by some Wall Street
analysts indicate automakers' com-
bined losses for the quarter will exceed
$1 billion.
GM's previous record quarterly loss
of $134.8 million was in the fourth quar-
ter of 1970, when results were depressed
by a lengthy United Auto Workers union
strike.
IT COMPARED with profits of $1.2
billion in the second quarter of last
year. At that time, the auto industry
was just beginning to tumble into'its
deepest slump since the Great
Depression.
GM had made known earlier it expec-
ts to lose money in the second and third
quarters. Ford Motor Co., Chrysler
Corp. and AMC said flatly they will be
in the red during the period.
The second quarter loss more than of-
fset what GM described as marginal
earnings' of $155 million in the first
quarter of this year and put the No. 1
automaker ina loss position for the first
six months of the year.
The losses by GM and AMC were at-
tributed to falling sales volumes,
slower sales of larger, more profitable
cars and trucks, higher costs of sales
promotions and tooling and other
economic cost increases they couldn't
recoup through price hikes.
GM passenger car sales so far this
year are off 18.3 per cent from last
year, and the company now has 137,000
hourly workers on indefinite layoff.

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In Its 102nd Year

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