Word: budgeted
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Dates: during 1980-1989
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...style. Moreover, he wanted the Defense job when few others did. He campaigned for Bush, rushed to Dan Quayle's defense after the Republican Convention, and joined New Hampshire Governor John Sununu's Dukakis-bashing brigade. Tutored by several former aides who now hold top Pentagon, White House and budget-making jobs, Tower wowed Bush during their Nov. 17 meeting and several days later made a similar impression on Sununu, soon to be White House chief of staff, and Secretary of State-designate James Baker...
Baker and Treasury Secretary Nicholas Brady nonetheless wanted Bush to name a top deputy whose management skills would signal that the new Administration & is serious about budget cutting. Not many candidates wanted to play second fiddle. Norman Augustine, chief executive officer of Martin Marietta, and Paul O'Neill, CEO of Alcoa, turned down the deputy's job. Republican Senator Pete Wilson of California began whooping it up for Rand Corp. president Donald Rice, whose many qualifications include the fact that he is a close friend and golfing partner of the most influential defense expert in Congress, Democrat Sam Nunn. Rice...
...survived his difficult passage, Tower would face the most complicated task in the next Administration. Eight years after Reagan expanded the military budget 50%, persistent budget deficits would force Tower to shrink Pentagon accounts by one-fourth of what was planned in fatter times. That means eliminating Navy ships, Army divisions and Air Force fighter aircraft envisioned by Caspar Weinberger in the flush years of the early 1980s -- nearly $200 billion in weapons and research programs over the next four years. Said former Defense Secretary Robert McNamara last week: "The DOD is as close to bankrupt...
Another key reason for the rising interest rates is the federal budget deficit, which is expected to total $137 billion in fiscal 1990. Paul Volcker, the former Fed chairman and now a Wall Street financier, warned a congressional commission last week that unless the Government reduces its huge borrowing needs, "there is the risk of a real financial disturbance. It would bring about the kind of recession that would be the most difficult to handle." One way in which the deficit has triggered higher rates is by undermining foreign confidence in the dollar, which plunged more than 3% against...
...MOTHER Fryal, 41, betrays the strain of trying to run a home during a year of anguish. She still oversees her large household with a firm hand, although providing the daily necessities is no longer a simple task. She has drawn up a stringent budget that allocates her husband's paycheck entirely for groceries and the children's clothes and medicine. Amid shortages and strikes, the simple act of buying food has turned into a time-consuming, frustrating chore. Meat is rarely served at her table; even chicken or frozen fish appears no more than once a week...