Camera closes in on Reagan as he gives his opening statement. Reagan: Well, welcome to my first annual press conference. [Laughter] Program for Economic Recovery Last night I signed a bill that raised the debt ceiling to more than $1 trillion. It was necessary to do that to continue government operations. But it heightens the significance of this first day of the 1982 fiscal year, because on this day our economic recovery program begins. The $1 trillion debt figure can stand as a monument to the policies of the past that brought it about - policies which as of today are reversed. Tax cuts and spending cuts that take effect today will put America back on the road to economic recovery. In the next several years, we can create 13 million jobs, reduce inflation, and reward the spirit of liberty and enterprise that were responsible for our Nation's economic might. Our programs won't be instantaneous. The mistakes of four decades can't be turned around in 8 months. There's recently been some improvement in the area of short-term interest rates. The prime rate has begun to turn down. Rates on treasury bills that were almost 16 percent when I took office are down to 14 1/2. Fluctuations in the various economic indicators such as inflation and unemployment rates will probably continue for several months, but we will not be swayed from our plan by every changing current, every passing trend, or every short-term fluctuation. In times past, administrations have failed to come even close to their spending targets, and the Congress has ignored its own announced spending ceilings. Those times are over. I will sign no legislation that would ``bust the budget'' and violate our commitment to hold down Federal spending.
Sale of AWACS Planes and F - 15 Enhancement Items to Saudi Arabia Reagan: This morning Congress was notified of our intention to sell AWACS aircraft and F - 15 enhancement items to Saudi Arabia. I have proposed this sale because it significantly enhances our own vital national security interests in the Middle East. By building confidence in the United States as a reliable security partner, the sale will greatly improve the chances of our working constructively with Saudi Arabia and other states of the Middle East toward our common goal - a just and lasting peace. It poses no threat to Israel, now or in the future. Indeed, by contributing to the security and stability of the region, it serves Israel's long-range interests. Further, this sale will significantly improve the capability of Saudi Arabia and the United States to defend the oil fields on which the security of the free world depends. As President, it's my duty to define and defend our broad national security objectives. The Congress, of course, plays an important role in this process. And while we must always take into account the vital interests of our allies, American security interests must remain our internal responsibility. It is not the business of other nations to make American foreign policy. An objective assessment of U.S. national interest must favor the proposed sale. And I say this as one who holds strongly the view that both a secure state of Israel and a stable Mideast peace are essential to our national interests.
Economic Recovery Program: Support and Effects Jim Gerstenzang, Associated Press: Mr. President, one of the original arguments for your budget and tax cuts was that they would have an immediate psychological impact, that the economy would get better once the people saw these cuts coming. That hasn't really happened yet, and the drop in interest rates, while it has happened as you pointed out, hasn't been major. With the program taking effect today, when will the actual dollar impact be felt and when will the social safety net catch the people who depend on it for health care and school lunches and so on? When will they start feeling the impact of this net under them? Reagan: Well, I believe the answers to all those questions have to do with the fact that there has been some psychological improvement. It has been commented on in a number of places across the country, of a different feeling on the part of the people themselves. But also, there are material evidences of it: the announcement which I have referred to before by the Iron and Steel Institute, on behalf of that industry, that it is going to embark on the largest program of expansion and modernization in the briefest period of time in the history of that industry. And they have stated flatly that they are doing it on their optimism, based on their optimism with regard to our program. I have heard from other business sources - the National Chamber of Commerce and their wholehearted support of the program and what we're doing. But you must remember that for the practical effect beyond that - today begins, for example, the tax cut for individuals, but since the first year's tax cut is only 5 percent, that's going to be reflected in a somewhat increased take-home pay for most people, but it is not going to be overwhelming to begin with. And it's going to take some time before that's reflected in increased savings and an increase in the capital pool and so forth. Now, some of our business taxes are retroactive and go back to January 1st, but, of course, they won't be felt until tax-paying time. But I am encouraged and do believe that there is a trust on the part of most of the people in this. As a matter of fact, the polls show, and the results of the response to my own address of last Thursday on TV has been running 3 to 1 in support of the program. But the other day in this room, Congressmen and Senators of both sides of the aisle told me that their own calls and wires were running 95 to 98 percent in support of our program.
Weight Lifting Competition. Contestant lifts weights surrounded by judges and an audience. Man finishing lift and putting the weights back on the ground. Judges taking notes. Another man tries a lift and is unable to get it above his neck. Audience applauds. A man, of African descent, lifts the weight to his chest; he lifts it above his head in a closer shot. Audience and judges applauds. Another contestant, with a mustache, lifts the weight; he lifts it above his head in a closer shot and sets the weight back on the ground. Some officials congratulate him. Another contestant, with glasses, squats and lifts the weight above his head. Judges and the audience applaud as he lowers the weight to the ground. Shot of applauding audience. The contestant, with glasses receives a kiss and a bouquet of flowers from a woman.
Sports: Seattle, Washington, Football. (Unable to tell teams & score) Stadium crowd. Light jersey team does a running play which gains about 24 yards at the opposition's 36 yardline. The dark jersey team has the ball in their own red zone; the light jersey team scores a touchback when they tackle the ball carrier in the endzone. Shot of crowd. On another series, the light jersey team's running back runs 20 yards up the middle to score a touchdown. Shot of crowd. The light jersey team is on their opponent's 10 yardline again; the quarterback falls back to the 15 yardline and throws a pass to a reciever at who is tackled within the redzone. The quarterback uses a screen play to run into the endzone and score another touchdown. Cheering crowd. Dark jersey team has possession of the ball on their own 45 yardline. The quarterback falls back and throws about a twenty yard pass which is almost intercepted and tipped into the reciever's hands at the light jersey's 34-33 yardline. The reciever is tackled at the 30 yardline. The dark jersey team's quarterback throws a bomb into the endzone which is caught for a touchdown. Cheering crowd. The dark jersey team is on the opposition's 25 yardline and does a running play up the middle to gain 12-13 yards. From the 5 yard line, the quarterback falls back and throws an easy touchdown pass to wide open reciever.
Slightly overexposed. Closed door that opens slightly, revealing two posted signs: "Isolation" and "Oxygen, No Smoking"; adult Caucasian female, partially obscured, behind door.
McGill Winter Festival Queen is crowned.
Ice Hockey Elevated shot of an ice hockey game in progress.
Ski Jumping Skiiers catch air as they fly off a chute.
Magicians Field Day (Audio is in German) When magicians get together, you're in for plenty of startling tricks and sleight-of-hand. You won't believe your eyes when these hocus-pocus wizards go into their act. Men sitting around a table. The hand is quicker than the eye. Card tricks, sleight of hand. One man performs tricks for the amusement of the others. They laugh & smile.
Nice rear view POV traveling shot from car driving along streets of downtown Los Angeles: automobile traffic, pedestrians, buildings, urban canyons, parallel parked cars & trucks, storefronts, ends near commercial wharf area.
Sign for Idaho Falls "Entering Idaho Falls, Pop. 12,000, Elev. 4,706." Overview of frozen pond and surrounding vegetation.
Adult Caucasian male card dealers working at card tables with different numbers of adult Caucasian males and females playing at each table; slots in BG, empty roulette table in FG.
Pan down the National Diet Building. Group of adult Japanese male politicians including Prime Minister Fumimaro Konoye and Foreign Minister Shigenori Togo posing for camera.
Two horned toads, one on top of the other on a rock; bottom toad leaves, other one stays.
Quick shot of a rodent going through grass, falling into water. Water surface thrashings of piranhas attacking, feeding; skeleton of rodent. Underwater shots of piranhas swimming, eating.
Lioness standing over dead animal, mouth on neck. Lioness dragging dead animal through dusty field clearing, then through grass.
Establishing shot of downtown Stockholm, Sweden. Adult Caucasian man, wearing suit and fedora entering "Rikstelefon" booth; Caucasian male child passes in FG carrying newspapers. Man makes phone call.
Panning overview of the city of Naples and the Gulf of Naples; stopping with Mt. Vesuvius in BG.
Brief overview of artillery battery firing ceremoniously near Red Square. Soviet Red Army soldiers marching in May Day parade through Red Square; Russian people in BG, some holding portraits.
Subjective POV through scope of sniper's rifle, looking down toward an adult Caucasian man sitting in a Jeep parked in a field; another adult Caucasian man, standing outside the Jeep, speaks with him.
Capitol Records Tower and a "Rent-A-Car" lot at intersection of Hollywood and Vine; light traffic in the FG. Circular office building façade of Capitol Records.
"Collection Room" sign. Adult Japanese woman comes to sit with other Japanese women (one male) sitting in hallway, waiting to donate blood; nurse sitting at desk.
Two adult Caucasian male convicts trying to escape, shooting at three adult Caucasian male prison guards who return fire with a Browning Model 1917A1 heavy machine gun.