Word: budgeteering
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Dates: during 1970-1979
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...years. Carter is likely to ask Congress to include an excess profits tax that would prevent the oil companies from reaping a sudden bonanza. But whether he will urge that this tax be rebated to low-income families, be set aside for oil exploration or used to reduce his budget deficit apparently was undecided last week...
Curran will not be joining the main Justice Department investigation of possible violations of the banking laws by Lance. Now 18 months old, this probe reportedly is ready to produce indictments against the man that Carter made director of the Office of Management and Budget. However, Curran will be able to investigate Lance's role in the peanut loans...
Although his own state budget reflected a 4% increase, the new Governor imposed a spending ceiling on every municipality in the state as a step toward meeting his campaign promise of a $500 million reduction in property taxes. Mayors and other local officials protested so loudly that King retreated a bit, agreeing that if two-thirds of a community's voters approved higher spending, its cap would be lifted. Still, most Massachusetts politicians regard the effort as hamhanded, taking no account of growth or inflation. Says a state senator: "Things are more professional on the Quincy city council...
...little on investment for the future, too much on Government uses and not enough on private uses, too much on easy imports of energy from afar and not enough on hard-slogging development of energy at home. The consequences have been turgid productivity, leading to low economic growth; high budget deficits, leading to inflation; multiplying balance of payments deficits, leading to a weak dollar, which in turn reduces capital investment from abroad and holds back the expansion of jobs and real income...
...Congress has passed so many laws that require automatic annual increases in federal outlays that the share of these "uncontrollables" has spiraled from less than $100 billion then to $404 billion in fiscal 1980. In the past ten years, they have jumped from 64% to 76% of the federal budget. Thus less than one-quarter of the budget is subject to paring-unless and until Congress is prepared to curb the uncontrollables. They seem politically sacrosanct because they are mostly transfer payments that go directly to citizens-for Social Security, Medicare, public assistance, veterans' benefits, civil service and military...