Ike Pocket-Vetoes Slump-Aid Bill as 'Unsound'
President Eisenhower yesterday pocket-vetoed, as ÛÏunsoundÛ the depressed-areas bill authorizing $275 million in Federal loans and grants to help centers of chronic unemployment attract new business.</br></br>The President let one other bill die and signed 16 into law as he cleaned up the last of a stack of legislation sent him by Congress during its final days. The constitutional 10-day jlimit would have killed any I bill not signed by last midnight.</br></br>The bill was designed to help distressed areas, such as New England textile towns whose mills have moved south, buy sites, build plants and in some cases construct needed public works to attract new industry.</br></br>The Administration had proposed a 50-million-dollar loan program with local communities bearing two-thirds of thel cost. The Democratic Con-! gross had expanded this and (permitted a greater proportion of Federal aid as part of Û÷its anti-recession program, j in a memorandum explain-; ;ing his disapproval, the Presi-' jdent noted that while the Ad-j 'ministration proposed a 25-lyear loan not exceeding 35 per; {cent of the total cost of proj-j eels. Congress had sent him a( bill permitting 40-ycar loans at j "artifically low interest ratesÛ and covering up lo 65 per cent of total cost.</br></br>The bill would permit grants for public works projects for which no local funds need be put up. he said. The President insisted that local communi-j ties should hear the ÛÏmajor) responsibilityÛ in any such; program. He also objected to j I the bill on grounds that it: iwould permit aid to areas of! [ÛÏtemporaryÛ rather than ÛÏper-j manentÛ unemployment and [because it would be placed under the Housing and Home j Finance Agency instead of the [Commerce Department.