ISSUE DATE: February 10, 1975; Vol LXXV, No 6

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IN THIS ISSUE:-
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TOP OF THE WEEK:
BAD-NEWS BUDGET: Gerald Ford has some more bad news to announce about the state of the Union. His austere budget for fiscal 1976 projects the largest deficit ever in peacetime and is based on some grimmer-than-ever assumptions about the economic outlook for the next two years. This week's stories on the Federal budget carry the signature of Senior Editor Larry Martz (left) who has been detached ternporarily from his duties as National Affairs editor to concentrate on the evolving story of the economy, the energy crisis, and the government's response. With Business editor Clem Morgello and others, he will help shape the magazine s economic coverage, and his own articles will appear in both National Affairs and Business and Finance. Says Martz, himself a former Newsweek Business editor: "There's a great challenge in writing this story for people who aren't economists but who want to understand the complicated developments that affect their lives.

WRAP SESSION: One of the unique arts of Japan is the crafting of beautiful packages for everything from eggs to saki. Art editor Douglas Davis reports on a fascinating show of wrap-ups at New York's Japan House.

OIL MONEY: Almost overnight, the Mideast oil producers have become a powerful new economic force in the world. The vast transfer of wealth has touched off the-Arabs-are-coming fears in industrialized nations and raised a host of economic and political questions that will shape the future. Who are the new oil-money men? What have they been doing with their vast new troves of treasure? What are their plans? Just how much wealth are the Arabs and Iranians accumulating? Among the Newsweek correspondents contributing to Associate Editor Allan 1. Mayer's cover story was Arnaud de Borchgrave, who has scored a series of exclusives on major Mideast developments and was the first to get wind of the breakthrough Arab purchase of control of a big Detroit bank. (Newsweek cover photo by Matt Sultan. Composite by Welbeck Studios.)

INDEX:
NATIONAL AFFAIRS:
The President's bad-news budget.
Looking at '75 and '76.
CIA: tearing aside the cloak.
"Scoop" Jackson makes his move.
Charles Colson: freedom for an enigma.
Edward Levi: what kind of A.G.?.
The bombs of January.
Two tales of amnesty.
Acquittal for a black mayor's wife.
INTERNATIONAL:
Vietnam again.
Cambodia still.
Egypt goes shopping for arms.
A reporter visits the Sinai.
Spotlight on Dayan.
What's wrong with Brezhnev?.
From Russia with love.
5 A hat trick for Teng Hsiao-ping.
Latin America: end of.
Secretary Kissinger's grand design?.
British Cabinet minister tells all.
JUSTICE: What prisons should do.
MEDICINE: The malpractice crisis.
SPORTS: How the football pros use the draft.
EDUCATION: School of the future; A disk jockey who helps with homework.
LIFE/STYLE: Bye-bye big look; The Coors cult.
ENTERTAINMENT: TV: the second time around.
BUSINESS AND FINANCE:
Wall Street's "buying panic".
The profit pinch.
All about the Arabs' oil money (the cover).
An Arab broker in the West.
THE COLUMNISTS:
My Turn: John Tracy McGrath.
Pete Axthelm.
Paul A. Samuelson.
Bill Moyers.

THE ARTS:
MOVIES: "Shampoo": Warren Beatty's own.
MUSIC:
Gil Scott-Heron's long search.
Bob Dylan: on the road again.
A record to make love by.
BOOKS:; Brendan Gill's "Here at The New Yorker".
Lucky Luciano's "last testament".
ART: Japanese homage to the package.
THEATER:
Albee's "Seascape": on the beach.
"The Ritz": mad farce.
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