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Israeli planes flew into south Lebanon for the second day in a row May 26 and blasted pro-Iranian guerrilla bases with volleys of rockets. Israel indicated attacks would continue, while diplomats worried that Syria, which controls Lebanon, might decide to retaliate directly. UNITED STATES

A proposed balanced-budget amendment to the US Constitution would require the largest spending cuts and tax hikes ever, a House Budget Committee report said May 26. Cuts would reduce spending below current levels by $38 billion the first year - then $70 billion the second, $113 billion the third, $173 billion the fourth, and $237 billion the fifth year, when a balanced budget would be achieved. Half of the cuts the first year would end the space station, the superconducting supercollider, and the Seawolf

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submarine, and slow many other activities.... Yale University president Benno C. Schmidt Jr. told trustees he will be leaving the institution to create a national private school system, the New York Times reported May 26. ASIA AND AFRICA

South Korea's main opposition Democratic Party May 26 elected its co-leader, Kim Dae Jung, to run for a presidential election expected by the end of the year.... Japan regained its status as the world's largest creditor nation last year with net foreign assets of $383.1 billion. The US had net external debts of $360.6 billion at the end of 1990.... Japan has decided to give $83.8 million to nine drought-hit southern African countries.... The Popular Front Party of President Blaise Compaore won a surprisi ngly large victory in Burkina Faso May 24, taking at least 74 of 107 parliamentary seats in the country's first multiparty elections in 14 years.

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