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...range of 1% of GNP, or about $57 billion -- a much bigger reduction than the Democrats have proposed. Such a stimulus would not significantly drive up interest rates or inflation, Boskin has argued, so long as caps are kept on future federal spending, as in the 1990 budget accord. Clearly the Administration's internal struggle over economic policy is far from over. The outcome will probably be determined by the positions taken by Bush's new chief of staff and campaign team...

Author: /time Magazine | Title: The White House: Clearing the Decks | 12/16/1991 | See Source »

...tamper -- under any circumstances -- with last year's accord to reduce the budget deficit. Changing it now would open a Pandora's box of troubles and raise inflation fears...

Author: /time Magazine | Title: Any Bright Ideas Out There? | 11/11/1991 | See Source »

...each child under the age of 19 and would permit all taxpayers to deduct as much as $2,000 a year invested in Individual Retirement Accounts. Bentsen would pay for the cuts by reducing defense spending. That would throw open last year's budget agreement for renegotiation, because the accord forbids Congress to shift funds from defense to other programs...

Author: /time Magazine | Title: The Economy: Is It a Treat or a Trick? | 11/4/1991 | See Source »

...peace treaty took two years to work out, but foreign ministers of 18 countries and representatives from four Cambodian political factions finally signed it in Paris last week. The accord is supposed to lead to a permanent cease-fire in the civil war, demobilization, repatriation of 350,000 refugees, and United Nations-supervised elections by early...

Author: /time Magazine | Title: Diplomacy: A Fragile Peace | 11/4/1991 | See Source »

...signing of the accord, however, produced one glimmer of hope. With the Cambodian issue settled for the moment, the U.S. announced that it is ready to seek normal relations with Vietnam. That could lead to an infusion of aid and investment dollars, which would breathe new life into Hanoi's stagnant economy and might even stem the crushing flow of Vietnamese boat people to foreign shores...

Author: /time Magazine | Title: Diplomacy: A Fragile Peace | 11/4/1991 | See Source »

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