Word: cancellous
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Would limit the increase in the defense budget to 4% to 5% a year. Would cancel the MX missile and B-1 bomber, replacing them with the mobile single-warhead ICBM and Stealth bomber. Would increase the readiness and mobility of conventional forces. Urges greater use of competitive contract bids by the Pentagon...
...high court permits troubled firms to cancel union pacts...
...polite word for going belly up. But the Supreme Court handed down a decision last week that will enable corporations to use bankruptcy as a way to avoid going belly up. In a 9-to-0 opinion, the court ruled that a company that has filed for bankruptcy can cancel a union contract, cut wages and lay off workers without having to prove that the pact would cause the company to go completely broke. Declared AFL-CIO Special Counsel Laurence Gold: "The ruling obviously enhances the opportunity for union busting...
Federal bankruptcy law, designed in part to buy time for financially troubled companies to rearrange their affairs, has always permitted routine cancellation of business agreements to purchase pencils, paper clips, telephones, window-washing services and the like. Traditionally, lower courts have afforded labor contracts various degrees of deference. But in their decision last week, the Justices made it clear that such protection is limited. The goal of Chapter 11, wrote Justice William H. Rehnquist, is to permit a company's "successful rehabilitation." Consequently, a business need not prove that it is in danger of imminent collapse in order...
...economist of being disloyal and giving ammunition to the opposition during an election campaign. Says one staffer: "He's made the CEA a four-letter word around here." On several occasions, the White House has censored advance texts of Feldstein's speeches and ordered him to cancel television interviews. The President has become so annoyed that he never consults Feldstein one-on-one, and the CEA chairman is often excluded even from small strategy meetings...