Word: cut
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Dates: during 1980-1989
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...year drop is at last beginning to have an impact on the competitiveness of U.S. products. At the same time, consumers are finally starting to turn up their noses at the rising prices of foreign imports. Last week Porsche, the West German sports-car manufacturer, announced plans to cut production because of sharply declining sales in the U.S., where the company sells fully 60% of its output. Meanwhile, the Administration is continuing its efforts to force other countries to remove trade restrictions. The White House announced plans to increase tariffs on Brazilian imports by some $105 million in retaliation...
...budget summiteers in Washington seemed to feel no such ground swell, at least not last week. The group is losing a race against the calendar for an agreement on a bipartisan package of spending reductions and revenue increases before Nov. 20, when $23 billion in arbitrary cuts will take hold under the Gramm-Rudman law. The committee began the week with optimism all around, based on a plan proposed by House Minority Leader Robert Michel of Illinois that would cut the deficit by $30 billion in fiscal 1988 and $45.5 billion in 1989. Michel's proposal was considered a breakthrough...
...second. The biggest area of difference in the two proposals concerned taxes. The Republican proposal called for about $8 billion in new taxes the first year, while the Democrats wanted $12 billion. Other disputes were smaller, though numerous. In the defense budget, the Republicans proposed a $4.9 billion cut from the 1988 inflation-adjusted level, while Democrats called for slicing $5.4 billion. The priorities were reversed in domestic spending categories such as Medicare benefits and farm subsidies, which the Republicans wanted to chop by $5.1 billion and the Democrats by $4.2 billion...
Most economists believe a deficit cut is necessary to prevent a loss of confidence that might bring on a recession. The contrary opinion among a few thinkers is that too large a budget reduction would sap momentum from the economy at a weak moment. But that idea seems increasingly implausible in the light of Washington's current paralysis. Says Economist Rudolph Penner of the Urban Institute: "The last thing that should keep you awake right now is the fear that Congress will do too much...
Every President sooner or later has to cut a deal with that thing we call Washington, or else he will be scorned, humiliated or simply brushed aside. Most of them hate it. The wise ones finally accept...