Diary Entry - 08/05/1986
Key Facts
President Reagan participates in a meeting with senior White House staff to discuss the defense budget.
President Reagan participates in a satellite Address to the annual convention of the Knights of Columbus.
This was a day to test the soul. At 9:30 I met again with the Repub. Leadership of House & Sen. The subjects were several of the issues before all of us—starting with my veto of the textile bill & went all the way to the Contras. We began to get behind schedule. Then a short meeting with Sec. Shultz. He’s thinking of retiring. Later a meeting with Cap—just to report on what the mil. has accomplished on drug control—a 67% reduction.
After lunch a meeting with Barry Goldwater & Sam Nunn. They presented a report on what the proposed cuts in defense budget would do. They would wipe everything we’ve accomplished out.
Then a Domestic Policy Council meeting on what to do about finishing the Petroleum Strategic Reserve. We have 506 mil. barrels in the salt domes & the goal is 750. We have budget problems here too. I decided to go for the 750 at 35,000 Barrels a day with the flexibility to reassess at any time if price changes warrant.
I telecast a speech to the Knights of Columbus Convention. Then I taped 22 spot ads for Cong. & Sen. Candidates, & finally a cocktail session with half a dozen press persons. The whole time was spent talking about S. Africa.
