Word: budgeted
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Dates: during 1980-1989
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BUSINESS: To tackle the budget deficit, the new President ought to raise taxes. But not much...
...name on an era. The beginning of the decade that will end the century is destined to become known as the Bush years. The new President enters office with no clear mandate for imposing the tough solutions that will be necessary to tackle the nation's festering budget crisis. Nor has he propounded a vision for fin-de-siecle America or for a world that is moving beyond the cold war. Nevertheless, he won the 1988 election with a toughness that surprised even his friends, and now he faces the opportunity and the challenge of serving as the nation...
More important, to avoid serious problems later, this next President will have to move quickly to make peace with Congress. Enormous budget problems, escalating constantly, promise to bedevil Bush each year. The first major stylistic difference between Reagan and Bush will probably be evident in relations with Capitol Hill. While Reagan happily took on the Democrats, trying to eke out progress via confrontation, Bush prefers conciliation. Some Bush insiders predict a major outreach to congressional leaders almost immediately, an attempt to establish an era of good feelings with a bipartisan consensus on a problem posing a serious threat...
...will not be easy. Candidate Bush boxed himself in by ruling out new taxes, Social Security cuts and any weakening of defense. To even approach his balanced-budget intentions by the end of his first term, President Bush will need good luck, continued economic growth, and plenty of help from a cooperative Congress. But some Democratic leaders, even while liking Bush personally, are determined to assert their own agenda in the face of what they sense to be a weaker personality moving into the White House. Bush may get little help, even a bit of sabotage, from his own party...
...discomfort of conservative hard-liners, budget compromise appears inevitable. The Pentagon will need $475 billion in added spending over the next five years merely to finish projects started under Reagan, and that doesn't include various expensive weapons -- the Stealth bomber, Seawolf submarine, D5 Trident missile -- soon to be out of development and ready for production. Bailing out faltering savings and loan companies and updating antiquated nuclear-production plans may require $70 billion more in new funding. Bush himself, by James Baker's count, has proposed $40 billion in additional spending for new domestic initiatives, including more than $6 billion...