Word: budget
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Dates: during 1980-1989
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...public sectors, they will weaken the economic underpinnings -- and sour the psychological atmosphere -- of the U.S. position worldwide, especially in Asia. America's indebtedness, to itself and to the rest of the world, soaks up resources that might otherwise be invested to boost productivity and exports. Thus the budget deficit exacerbates the trade deficit, which in turn hurts the dollar and provokes protectionism...
Thus when the committee finally began confirmation hearings on Jan. 25, Tower performed with the zeal of a new convert to Pentagon parsimony. He assured the Senators that he backed cuts in the Pentagon budget, including reduced funding for strategic missile defense. At the end of Tower's crisp testimony, the Senators burst into rare applause...
Bush's widely touted "honeymoon" with Congress, already endangered by his vagueness on the budget, was ending sooner than that of any new President in recent memory. Though the President cannot get anything done without the cooperation of at least some members of the Democratic congressional majorities, the task of wooing them will now be harder. Within the Administration, the absence of a Secretary of Defense able to assert the Pentagon's view will prolong the review of foreign and national-security problems that Bush insists on completing before he makes major international- policy moves...
...making a comeback at a time when it could play havoc with the aging economic expansion and the new Administration. A serious rise in prices would force the Federal Reserve to fight back by pushing interest rates higher, which runs the risk of choking the economy, boosting the federal budget deficit, and ballooning the cost of President Bush's savings and loan bailout...
Most important for Bush, runaway interest rates would cast a pall on the Administration's sunny outlook for economic growth, which is central to its plans to cut the budget deficit. The White House expects the economy to expand by a robust 3.3% in 1989, vs. the 2.7% growth rate predicted by a consensus of top private forecasters. The Administration's scenario for a fast-moving economy would raise more than $80 billion in fresh tax revenues and help Bush meet the $100 billion deficit ceiling mandated by the Gramm-Rudman law for fiscal...