Word: budgeted
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Dates: during 1980-1989
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...surface, the Reagan 1989 budget is an impressive effort. It sets a deficit target of $129.5 billion, less than the $146.7 billion gap expected for 1988 and far lower than the $176 billion shortfall projected for 1989 if Congress and the White House do not follow through on the agreement to raise revenues and cut spending. The amount of deficit reduction Reagan plans for 1989 is probably just right. Anything more might throw the economy into a recession...
...long-term blueprint for U.S. financial stability, however, the Reagan budget is woefully inadequate. For one thing, the President intends to raise $10 billion in 1989 through the sale of federal assets like the Naval Petroleum Reserves and other one-shot gimmicks that will do nothing to reduce the deficit permanently. The President wants to boost outlays for education, law enforcement, science and AIDS research -- all worthy proposals -- but steadfastly refuses to support tax hikes to finance increased spending over the long run. Moreover, Reagan's budget projections are based on the decidedly optimistic assumption that the gross national product...
...failed? How difficult can it be to make the Government live within its means? Those questions prompted TIME's Washington bureau to undertake an ambitious project: drafting its own long-term proposal for balancing the budget, details of which can be found in the following pages. , Seven TIME correspondents, combing the tax code and federal programs from agriculture to welfare, searched for new revenues and spending cuts that would be feasible and fair. Among the many experts they consulted, several were especially helpful: Rudolph Penner, a senior fellow at the Urban Institute and former director of the Congressional Budget Office...
...object of the exercise was not to come up with the best theoretical plan for eliminating the deficit, taking no account of the political obstacles that almost invariably thwart Congress and the White House. Rather, the purpose was to demonstrate that achieving a balanced budget necessarily involves broad- based sacrifices that may be unpleasant but are hardly catastrophic...
...goal was to wipe out the deficit by 1992 -- a year ahead of the target in the latest version of the Gramm-Rudman law. The case for balancing the budget sooner rather than later is simple: the longer it takes, the more difficult it becomes, and the more costly the delay. During his terms, Reagan has amassed a higher deficit total ($1.25 trillion) than all previous Presidents combined. In the process, he and Congress have more than doubled the national debt, to $2.36 trillion. Meanwhile, interest on the debt has snowballed, threatening to bury the financial fortunes of generations...