December 7, 1982

A bill that would raise the gasoline tax to finance a highway repair program ran into opposition in the House despite the support of both parties' leaders. (Page A1.) The Congressional Budget Office urged Congress to consider a different approach to highway improvement. (B15.) Many in Congress acknowledge that the House bill would do little to help the jobless. (B15.) Banks and savings institutions won Government approval to offer a new checking account paying unlimited interest. The account, which will become available on Jan. 5, requires a minimum balance of $2,500 and permits an unlimited number of checks. The move was another effort to help the banks compete with money market funds. A similar account was cleared three weeks ago by regulators. (A1.)

The state of Texas injected Charles Brooks Jr. with a deadly combination of sedatives and drugs just after midnight today, making him the first condemned prisoner in the United States to die by lethal injection. The lethal drugs were injected into Mr. Brooks's body at 12:09 A.M. At 12:16, he was pronounced dead by a prison doctor. The execution took place at the state prison here after a day of frantic legal appeals for the 40-year-old prisoner had failed. Neither the United States Supreme Court nor Gov. William Clements saw merit to the pleas for a reprieve. The vote Supreme Court voted 6 to 3 to reject the petition for a stay.

The total amount of money raised through loans and stock issues in the United States increased during the third quarter, according to newly published Federal Reserve estimates of the flow of funds in the nation's economy. The rise - to a seasonally adjusted annual rate of $521.4 billion - was entirely accounted for by the Treasury, which borrowed at a record rate that came to more than $220 billion to finance the Government's huge deficit. Borrowers outside the Federal sector appear to have reduced their demand, but only modestly, given the weakness in the overall economy. Some economists warned that a rising demand for credit could portend a clash by next June between the Federal Government and the private sector over borrowing. Such competition for funds could lead to a resurgence in interest rates.

Stock prices soared yesterday, spurred by a sharp rise in the shares of International Business Machines. The best gainers were the blue-chip corporations, technology and airline issues. The Dow Jones industrial average, which had fallen until midafternoon, closed up 24.29 points, to 1,055.65. The record closing level of the Dow is 1,065.49, set on Nov. 3.

International The President cited Japan's attack on Pearl Harbor 41 years ago today as evidence of the nation's need for effective deterrence as he led a vigorous last-ditch campaign to save the threatened MX missile program. Mr. Reagan invited 76 Representatives to the White House and lobbied them in behalf of the program in advance of a key vote on the MX in the House today or tomorrow. (Page A1, Column 3-4.) Moscow, decrying the MX missile, warned that if Washington began deploying the intercontinental ballistic weapon, the Soviet Union would respond by deploying an equally effective missile. (B17:1.)