Word: budgeted
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Dates: during 1980-1989
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While many experts say the deficit spending of the Reagan era has helped fuel a six-year recovery, those experts believe it will lead to future economic instability. Experts also say that the budget deficit has contributed to a deepening trade deficit, which threatens American industrial competitiveness abroad...
Largely because of these concerns, the Bush team has pegged deficit reduction as its numberone economic priority from the first days of the presidential campaign. New administration appointees like Associate Professor of Economics Lawrence B. Lindsey say a so-called "flexible freeze" can balance the budget in five to six years...
...liberal boutique of the Harvard Economics Department, the flexible freeze would allow total federal spending to increase at the same rate as inflation. Revenue increases from expected economic growth over the next five years, Lindsey and other Bush economists say, will meet expenditures by 1992, thus balancing the budget...
...while Bush has promised a balanced budget, he also told voters last year he wanted to be the "education" president, and has hinted at more spending for child care programs and other new federal policies. Under a flexible freeze, Bush would have to cut equal amounts of spending in other areas to keep total spending frozen at inflationary levels...
...Dukakis budget plans come in the wake of negative reaction to the governor's proposal for a $604 million tax hike for next year. The tax plan would raise revenue by increasing taxes on alcohol, cigarettes and capital gains...