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The Daily Alaska Empire
Juneau, Juneau County, Alaska
What is this article about?
Businessman Phillip D. Reed estimates Marshall Plan costs uncertain within $5B, urges proceeding to prevent Europe's collapse; Sen. Taft predicts Senate cuts to initial $6.8B aid request. Plan aids Europe's postwar recovery over 4+ years, originally estimated at $17B.
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Businessman Gives Estimate While Taft Says Cut Will Be Made in Fund
WASHINGTON, Jan. 27.-(P)-
Phillip D. Reed gave Congress a businessman's estimate today that no one can tell within $5,000,000,000 how much the Marshall Plan will eventually cost, while Senator Taft (R-Ohio) predicted a GOP-Democratic Senate coalition will cut the $6,800,000,000 asked to start it.
Reed, chairman of the Board of General Electric Company, said that despite uncertainties as to the cost, he is "convinced that we must proceed with the program."
Without it, he said, western Europe will be converted into "a political and economic concentration camp."
Reed testified before the House Foreign Affairs Committee which is holding hearings on the aid-to-Europe program.
Taft made his prediction in an interview.
(The Marshall Plan proposes that the United States give Europe help for four years and three months in rebuilding its war-shattered business and economic structure.
When President Truman first presented it to Congress, the cost was estimated at $17,000,000,000.
(Since then, all figures except for the first 15 months have been dropped from pending legislation.
The administration asks $6,800,000 for the first 15 months.)
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Foreign News Details
Primary Location
Western Europe
Event Date
Jan. 27
Key Persons
Outcome
cost uncertainty within $5,000,000,000; predicted cut in $6,800,000,000 initial fund; original estimate $17,000,000,000 for four years and three months.
Event Details
Phillip D. Reed, chairman of General Electric, testified before House Foreign Affairs Committee that Marshall Plan costs are uncertain but must proceed to avoid western Europe becoming a political and economic concentration camp. Senator Taft predicted a GOP-Democratic Senate coalition will cut the $6,800,000,000 requested for first 15 months. Plan provides U.S. aid for Europe's war-shattered economy; initial presentation estimated $17,000,000,000 total, but only first 15 months in pending legislation.