December 22, 1973

Sen and HR on Dec 21 give final approval to 11 % increase in 2 steps in Soc Security benefits for some 29-million retired persons; several Sens and Reprs say that they expect Pres Nixon to sign bill, although Adm's position on measure increasing benefits has been unclear; Sen approves bill by 65 to 0 vote; after only brief debate and to surprise of many Reprs who like to be recorded as voting in favor of Soc Security increases, HR rushes bill through 3 hrs later on voice vote, which was 301 to 13; under bill, which supersedes 5.9% cost-of-living increase in benefits enacted early '73, recipients will receive 7% increase in checks they will receive in Apr '74, and further 4% increase would go into effect with checks received in July '74; both houses approved 11% increase by wide margins but Sen added to bill so many other changes in Soc Security and Welfare laws that HR Ways and Means Com at first refused to try to compromise differences with Sen conferees; Sen-HR conferees finally met earlier in wk and agreed to approve benefits increase and few of Sen amendments

Iran Shah M R Pahlevi on Dec 20 says that in 20 or 25 yrs he wants Iran to be 'ahead of the greatest nations of the world,' int; says that by then country will have 60 million people and can be most advanced country; defends Iran's political system; Shah illus

'Energy complex' of consumer prices continued to rise in Nov and acctd for 1/3 of 0.8% rise in Consumer Price Index; graph; Econ Advisers Council Chmn Stein says that short supplies are main explanation for rising prices

Japanese Premier Tanaka declares state of emergency on Dec 21 in effort to deal with current oil shortage and inflation; orders immediate 20% cutback in oil and elec power to major industries; Tanaka acts under 2 emergency bills passed by Japanese Diet that give Govt power to fix prices and regulate production and supply of oil and a wide range of other daily necessities; Bank of Japan, in effort to combat nation's inflation, raises official discount rate from 7% to 9%, all-time high

GENEVA, Dec. 21—The first Arab‐Israeli peace conference, opened today with strong pleas by the United States and the Soviet Union for a permanent settlement that would avoid another Middle East war and break what Secretary of State Kissinger called “the shackles of the past.”