European Stars And Stripes (Newspaper) - July 18, 1987, Darmstadt, Hesse                                Page the stars and stripes saturday. July 18. 1987 Florida fantasy not Many things i More refreshing on a sweltering summer afternoon than Nice cold Glass of freshly squeezed Orange juice. Bernard Sachs relaxing in a Lawn cd r on the porch of the Betsy Ross hold in Miami Beach appears to have conjured up just the thing to hit the spot in the form of a Gigantic Orange. Out unfortunately for thirsty patrons. The plastic fruit which is actually a juice stand happened to be closed for the Day. Debt problem halts savings Bond sales Washington a the Treasury announced Friday that sales of savings Bonds will be suspended saturday until further notice because Congress has failed to pass legislation increasing the National debt i Mil. The $2.32 trillion debt ceiling was expiring at Midnight Friday reverting to the permanent level of j2.111 trillion. Because that lower level already has been exceeded the government is beyond its credit limit and cannot Issue any new securities. The House has approved and sent to the Senate a new debt ceiling of j2.56s trillion. The Senate was in session Friday but was not expected o act on the debt limit until next week when lawmakers plan to attach to the Bill an amendment to strengthen the Gramm Rudman budget balancing Law. In addition to halting savings Bond sales the Treasury said the Federal government was suspending the Sale of ils special securities for state and local governments. The debt problem was Likely to Force cancellation of monday s scheduled auction of 11 j.2 billion in Treasury Bills. Although that has not been officially announced. Through the Federal Reserve the government will be notifying 41,000 outlets mostly Banks to Stop Selling savings Bonds. Without new legislation to increase your share of Federal debt in Inonu at Douai pts off j101 cd Cioa Wllbur on pm saute the debt limit the government lacks authority to Issue new debt obligations the Treasury announcement said. Treasury Secretary James Baker has warned Congress against delaying action much longer because the government can be pushed into default unless its credit limit is increased by Mont i s end. The . Government has never de faulted and the repercussions on the nation s position in International finance would be catastrophic he said. The additional debt is needed because the government spends far More than it takes in. The Treasury can pay the Bills Only through the end of the month by using the $31 billion on hand officials say. Congress almost certainly will pass a new debt ceiling if Only a temporary one. Before a default occurs. The permanent legislation enough new debt to last through fiscal 1988 has been held up in the Senate As Law makers Craft their plan to revive the Gramm Rudman Law. Gramm Rudman enacted in 1985. Sets out annual deficit targets that gel smaller each year until a balanced budget is reached in fiscal 1991. But the supreme court threw out the automatic spending cuts that were to enforce the targets and As a result. Congress and the White House have failed to obey the mandate. Some democratic and Republican senators Are drafting a new automatic cutback scheme in an attempt to satisfy the court s objections and put new Teeth into the Law. They would also Case the a Cicil reduction program delaying a balanced budget until fiscal 1992. The Senate is not expected to begin debate on the debt Bill until tuesday evening or wednesday and it could Lake several Days to Complete. Since the House did not consider a Gramm Rud Man amendment the two Chambers would have to work out their differences before the Bill could go to the president lawmakers arc already predicting those negotiations will extend Inlo next month requiring enactment of a Stopgap debt Bill to slave off default. Raising the National debt has become a frequent task of Congress during the Reagan administration during which red Ink has accumulated at a Rale sometimes exceeding j200 billion a year. The National debt was less than Al trillion when Reagan took office in 1981, and nearly 15 cents out of every tax Dollar now get toward interest payments. Sex new York City transport chief convicted of perjury new York a the City s former transportation commissioner was convicted Friday on two counts of perjury for lying to a mayoral Anli comity Ion Panei about a real estate firm investment Justice Thomas Galligan of the anal la vol state supreme court said the evidence showed thai former commissioner Anthony Airi Huso had lied ithe panel about the 1250,000 investment in a real estate firm. Galligan heard the Case without a jury. Ameruso 49. Faces up to seven years in prison when he is sen a cd Cpl. 22. His lawyer Irwin Rochman. Said he will Appeal the verdict. The defendant refused to comment and left the court room hastily am curio was originally indic Iod in december 19s6 on three founts of lying to the Martin commission an investigative body established by mayor Edward Koch As the City s corruption scandals widened. He had resigned As transportation commissioner in february 1986. Dropped one of the perjury charges saying that Ameruso had been literally truthful when he told the com Mission on feb. 19, 1986, that he had no investments Worth s15,000 10 j10.000 in any company other than Spring really co. The fact was that in october 1985, Ameruso had invested s250.goo in the chief really inc., a new Jersey firm that had Titi to a ferry company that was seeking permits from Ameruso s Agency to establish service across the Hudson River on March 27, 1986. However Amer so testified before the panel again this time saying that he had no investment other than the ones that he had already mentioned and had no investments of s 20,000 or More anywhere. His investment with Spring really was $19975. City officials must report All investments of s20.lkh or More. The evidence showed Hal la