Word: cbo
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Dates: during 1980-1989
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...office to be the first to herald I ill," wrote Aeschylus, the Greek tragedian, in the 5th century B.C. By that standard, the director of the Congressional Budget Office occupies one of the illest offices in Washington. Since becoming the CBO's first director when the agency was set up in 1975, Alice Rivlin has had the thankless task of telling Congress how big future budget deficits will be and proposing various alternatives, most of them politically unpalatable, for reducing the shortfall. After eight often frustrating years, Rivlin, 52, last week turned that role over to Rudolph G. Penner...
Rivlin's final forecast showed the budget gap hitting a record $207 billion this year and then falling gradually to about $145 billion in 1986. Penner's predictions may turn out to be gloomier. Before being named to the CBO post, he warned that if Congress takes no action to curb the deficit and another deep recession hits, the shortfall could reach $300 billion by the late 1980s. While Penner favors cuts in federal spending to help close the budget gap, he also argues that tax hikes are unavoidable. Says he: "The only real questions are how much...
...meaning that it is "barely adequate" to handle traffic at the 55-m.p.h. maximum speed. The even older 260,000-mile "primary" network of U.S. routes is no better off. According to the Congressional Budget Office, two-thirds of this system is in only poor or fair condition. The CBO places the price of the required annual upkeep at $2.9 billion...
...White House aides led by Baker, Republican Senate chairmen led by New Mexico's Pete Domenici, and House Democratic chairmen led by Oklahoma's Jim Jones-agreed to use the economic assumptions of the Congressional Budget Office rather than the rosier Administration numbers. According to the CBO, the deficit for fiscal 1983, which begins Oct. 1, could reach $180 billion if Congress does not pass any of the spending cuts proposed by Reagan. The Administration's formal budget proposal, based on the dubious assumption that Congress will accept the radical changes in domestic programs that are part...
...accepted by both Domenici and Jones is to postpone for three months the cost of living adjustments scheduled for next July and then peg future COLAs at 2 or 3 percentage points below the consumer price index. All told, the entire bipartisan package would slash $80 billion off the CBO's projected $180 billion shortfall, enough to reassure the financial markets...