Word: budgeters
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Dates: during 1970-1979
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...BUDGET CUTTING. The expected deficit for fiscal 1979 has now been reduced from the original $60.6 billion to $38.9 billion, and in fiscal 1980 the President has pledged to shrink it to $30 billion or less. To do so while also increasing defense spending he will have to cut some civilian programs-public service jobs, antipollution grants, subsidized low-income housing-and give up or delay some new initiatives. National health insurance? Not until 1983. Welfare reform? Under current plans, no money for it. Members of the Board of Economists fear that even if Congress accepts all this shrinkage...
TIGHT MONEY. Excessively fast growth of the nation's money supply has been an important cause of inflation. The Federal Reserve has created so much money partly to cover budget deficits, partly to meet the credit demands of a growing and inflationary economy. Throughout 1978 the Fed kept letting interest rates rise to discourage borrowing; banks raised the prime rate 14 times, by a total of almost 4 points, to 11.5%. Loan demand stayed high, however, and money supply kept bounding up; in September it rose at an annual rate of 15.8%. But the cumulative effect of the interest...
...ever said that cutting the budget would be easy, but for one top staffer at the Office of Management and Budget it has become a real nightmare. When W. Bowman Cutter, the aptly named Associate Director of OMB, drifts off to sleep these nights, his dreams run regularly to visions of hands that keep grabbing at him from all directions. The symbolism is plain: the hands belong to various interest groups that are desperately appealing to him to be exempted from budget cutbacks. Less than a month remains before Jimmy Carter presents to Congress his spending program for fiscal...
Each of the budget's 3,000 spending programs?from the beekeepers' indemnity fund to the space shuttle?has its defenders in Congress, and even the most seemingly inconsequential of cutbacks will inspire protests. OMB is recommending, for example, that the U.S. Travel Service, set up under John Kennedy to lure foreign tourists, be scrapped completely. The saving would be only $14 million, and the travel industry is already lobbying against the cut. The budget bashers have also cut 1,100 men from a Justice Department request for 14,000 border-patrol officers to intercept illegal immigrants from Mexico. Organized...
...biggest battles will rage over defense and social welfare spending. Together, the Pentagon and Health, Education and Welfare take about 60% of the budget. OMB is recommending defense spending of $122 billion, an increase of just under 9% from current levels and therefore not enough to offset inflation, which has been running at 91/2%. A defense budget of that size would not honor Carter's NATO pledge of last spring to increase U.S. defense expenditures by 3% above inflation. Last week, however. Carter repeated that promise, suggesting that he could end up overruling the recommendation of his own budget advisers...