Word: budgeted
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...unwilling to cut government spending in much the same way that patriotism is called the last refuge of scoundrels. The obscure word, which looks like a refugee from a crossword puzzle, means seizure, and that is what happened last week. President Bush directed all federal agencies to meet the budget-deficit- reduction targets specified by the Gramm-Rudman-Hollings law by imposing $16.1 billion in across-the-board spending cuts. Worthy domestic-spending programs such as subsidized housing were cut the same 5.3% as pork-barrel projects like the Agricultural Extension Service. Under sequestration, the Defense Department faces...
...fiscal 1990, the law required Congress to produce a budget with a deficit of less than $110 billion. Despite the Administration's optimistic forecasts of continued strong economic growth and lower interest rates plus some fiscal legerdemain, congressional efforts fell $6.1 billion short...
...spring, when congressional leaders and the Bush Administration began putting together a deal. The President's goal was to keep his read-my-lips campaign promise of "no new taxes." Congressional leaders wanted to appear to meet deficit-reduction targets without cutting any politically popular spending programs. Budget director Richard Darman came up with a solution that was simple -- too simple. A cut in the capital-gains tax would at least temporarily raise money to cover the revenue shortfall. Many Democrats at first supported the plan that looked like all gain, no pain...
...little about deficit reduction. The White House seems to care only about keeping Bush's no-new-taxes pledge. Administration officials like to point to Darman's optimistic economic assumptions and deficit predictions as well as the relatively good business climate. Bush has not uttered a word about the budget deficit in weeks...
House Speaker Thomas Foley privately proposed dropping the hundreds of extraneous spending programs -- and the capital-gains cut -- from the budget- busting bill. But Darman turned down the offer, thinking he could get the kind of trimmed-down budget he preferred as well as the capital-gains cut. When it became clear the Administration would be charged with favoring capital gains over budget cutting, Darman relented. But by then it was too late to stop sequestration from taking effect...