Word: budgeted
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Dates: during 1980-1989
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...there is an impressive consensus, in the U.S. and abroad, on how to begin to correct the imbalances in the American economy. The President and the Democratic-controlled Congress must agree, right away, on a package of measures that hold some real promise of reducing the budget deficit steadily and substantially. Certainly these must include painful spending cuts. But ^ they must also include tax increases, much as Reagan hates the thought. Not because they are any panacea; indeed they carry a serious risk. Higher taxes might reduce consumer spending just when a recession is beginning, and deepen the slump...
...term, not just a lame duck but a crippled one. One after another, his major goals for this fall have gone aglimmering: the appointment of Robert Bork to the Supreme Court, the hope to win renewed funding for the contras in Nicaragua, and his aim of pushing through a budget plan that would protect defense spending without raising existing taxes or imposing new ones. The stock-market plunge only magnified his new aura of ineffectiveness. Through it all, he and his aides were hoping for a grandly choreographed summit with Gorbachev to salvage a bit of Reagan's public luster...
...James Baker gives the Administration' s view of the tumult. -- One way or another, everyone is in the market, and anyone can lose. -- Wall Street' s investment houses brace for hard times. -- Some prescient and lucky investors survive the crash in fine shape. -- Six ways to curb America' s budget and trade deficits. -- 1929: the way it was the last time...
Bringing down America's twin deficits will demand a wealth of ideas and compromises. No single fix will do the job. Nor are any of the remedies likely to be painless. But the Administration and Congress still have time to tailor a compromise on reducing the budget gap before the Nov. 20 deadline, when $23 billion in arbitrary cuts takes hold under the Gramm-Rudman law. Some reasonable proposals for boosting revenue, cutting spending and reducing the trade deficit...
Levy an energy tax. This could be a twofer: it would not only help ease the budget deficit but could also reduce the trade gap by discouraging demand for imported oil. A tax of $5 per bbl. on annual U.S. imports of some 1.5 billion bbl. of foreign crude would raise approximately $7.5 billion in extra revenues. An alternative is a gasoline tax of 5 cents per gal. in addition to the current 9 cents federal levy, which would produce an extra $5 billion or so (1986 U.S. consumption: 112 billion gal.). Though energy taxes tend to be regressive, citizens...