Word: crunchingly
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Carter has sought to offset that alliance in several ways. First, he called in his most likely critics, including mayors, Governors and black leaders, for well-publicized talks at the White House. He expressed sympathy for their problems but made it clear that he faced a cash crunch. Then, tentative budget figures were leaked that suggested severe cutbacks in such fields as education, health, urban renewal, housing, mass transit and jobs for the hard-core unemployed. As expected, the drastic slashes set off cries of alarm...
There are those who see the private-college crunch as a blessing in disguise. Says the Rev. Paul Reinert, chancellor of St. Louis University: "Private education should grow a little leaner." Perhaps it should. But then too, the public system has overbuilt and overborrowed as well. If the private schools suffer most as the fiscal crisis deepens, that will be a consequence no one intended. The nation's large-and often excellent-public system was designed, after all, to supplement the private colleges, not to supplant them...
...Mexican finds are significant but hardly a complete solution to future energy shortages. At best, oil from Mexico would put off the projected fuel crunch from the late 1980s to the early 1990s. But together with other potential big fields?in China, Iraq, Canada, South America, Alaska and elsewhere?the new bonanza in Mexico could enable the world to scrape by into the 21st century, by which time energy from alternative sources may be widely available...
...government was borrowing against expected oil profits in order to spend nearly $50 billion a year on military hardware, port expansions, roads, railways, electric-power grids and new industries. Though supply bottlenecks were common, prices were soaring and commercial bribery was a fact of life, the crunch did not come until the weakening world demand for oil began cutting into funds that the government had already borrowed and spent...
...week before. That means interest rates will probably have to move even higher than the 10.75% that banks now charge on "prime" loans to their best business customers?possibly above the record 12% rate of 1974. And when money growth finally does slow, bankers increasingly fear a credit crunch in which house buyers, small businesses and other would-be borrowers will find loan money not just expensive but unavailable...