Word: budgeted
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Dates: during 1980-1989
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...With that bit of self-congratulatory humbug, Congress completed work on a budget that should have been finished three months earlier. For the second straight year, the legislators tossed all 13 appropriations bills into a massive single "continuing resolution" without which the Government would clank to a halt. This year's 2,300-page manuscript kept company with a "reconciliation bill" that detailed the tax hikes and spending cuts decreed by a White House-Congress summit last November to cut the deficit by some $76 billion over two years. Despite its elephantine size, the final product may have...
Buried in the budget bill passed by Congress last week was a provision that will have a profound impact on U.S. business ties with South Africa. On Jan. 1, American firms will no longer be able to deduct taxes paid to the South African government from their U.S. tax bill. That will be a costly blow to the 163 U.S. companies, including Mobil and Union Carbide, that still operate in South Africa. Taxes will consume an estimated 72% of the money that U.S. firms earn in South Africa, vs. 57.5% before the new law. The rise is likely to speed...
Babbitt's most noted campaign moment was his stunt during the NBC debate in December. "I'm going to stand up," he declared, and did, "to say we can balance the budget only by cutting and needs-testing expenditures and entitlements and by raising taxes." Only a long shot with little to lose, of course, can easily indulge in such bravery (and can ill afford not to). But it was no gimmick: Babbitt has for months been the most courageous candidate in trying to persuade average Americans that hard-nosed policies are the price they must pay to assure prosperity...
...pocket: without borrowing, driving up interest rates and choking the economy. He would accomplish this mainly by "needs-testing" social spending so that more goes to the poor rather than to the upper and middle classes, who now consume nearly a third of the federal budget. He would, for example, raise taxes on Social Security benefits for couples earning more than $32,000 a year. "Just as we have had progressive income taxes, we should have progressive Government benefits," Babbitt explains. "Why should the Mellons and the Vanderbilts get the same benefits as a widow living in a cold-water...
Running a low-budget, long-shot campaign, Babbitt has not been above an occasional publicity stunt. Even before his stand-up routine on the NBC debate, he was the first presidential candidate to appear this year in a Saturday Night Live skit (in which he is caught trying to sneak extra grocery items through the express checkout). Following his disastrous video performance at the Houston debate in July, Babbitt almost daily practiced speaking into a videocamera, sometimes sending the tapes to an acting coach...