Word: bailouts
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Both Republican and Democratic experts agree that the new budget rules should lead to a lower deficit in a few years. But they add that unexpected costs, like those from the gulf war and the thrift bailout, could again postpone that day indefinitely. Last week Bush told several thousand businessmen and -women in New York City that the deficit would be "virtually eliminated by 1995." The audience reaction was a mix of scattered applause and derisive laughter. As one of Bush's predecessors put it, you can't fool all of the people all the time...
Does the Treasury's reform program stand a chance in Congress? Experts say that limiting deposit-insurance coverage has the brightest prospects in the wake of the S&L bailout. Lawmakers may also look favorably on letting banks expand geographically. The odds are probably longest against permitting banks to diversify into new businesses...
With banks failing at the rate of one every two days, will the Federal Deposit Insurance Corporation's bailout fund run out of money soon? That fear was magnified last week when the Congressional Budget Office predicted that the fund, which contains only $8.5 billion to cover $2 trillion in deposits, could run dry by the end of the year because the recession has aggravated the cost of bank failures. The FDIC may need to borrow $11 billion from the Treasury to keep from going broke, the CBO predicted. The House Budget Committee further undermined confidence in the FDIC...
...could extend worker benefits for a few additional months. But during the past few years the Federal Government and the states have tightened eligibility for such benefits. Only Alaska and Rhode Island are currently expanding the assistance. And with everything from the gulf war to the savings and loan bailout competing for scarce federal funds, Congress is not eager to press such a move. For the moment, once they exhaust the standard benefits period, the jobless are on their...
...vital needs as education, housing and police protection. The cost of two days of fighting surpasses the $937 million that Congress voted last year for aid to the homeless. Meanwhile, demands on the budget are swiftly growing. Treasury Secretary Nicholas Brady warned last week that the savings and loan bailout will require $77 billion more in emergency funds to remain in operation past March of this year...