Word: cuts
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Dates: during 1980-1989
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Moving a house is a time-consuming affair. The morning that Willie Anderson's home is delivered begins with workers hoisting the house's concrete steps onto a pickup truck while Anderson and her children pile broken bricks and stack cut wood. Clearance for the move requires approval from a slew of bureaucrats, and Walter Malone, 52, a professional house mover who has completed 30 jobs for Sister Grace, still has a few final forms to sign and fees to pay. "The biggest difficulty is the paperwork," he says, pointing to a glove compartment crammed full of documents...
While the industry has a few sizzling products like laptop computers, the overall sluggishness is hurting many businesses, ranging from supercomputers to software. Cray Research, the largest supercomputer maker, said early this month it will cut its work force about 7% because of slack demand. Mainframe manufacturer Unisys, which has reported operating losses of $79 million so far this year, plans to slash its payroll by 8,000 workers, or 9%. Wang, which lost $424 million during the past fiscal year, may be pushed into a merger. Former rising stars in personal computers, notably Commodore and Wyse Technology, are losing...
Sequestration is the last resort of national politicians unwilling to cut government spending in much the same way that patriotism is called the last refuge of scoundrels. The obscure word, which looks like a refugee from a crossword puzzle, means seizure, and that is what happened last week. President Bush directed all federal agencies to meet the budget-deficit- reduction targets specified by the Gramm-Rudman-Hollings law by imposing $16.1 billion in across-the-board spending cuts. Worthy domestic-spending programs such as subsidized housing were cut the same 5.3% as pork-barrel projects like the Agricultural Extension Service...
Trouble started in the spring, when congressional leaders and the Bush Administration began putting together a deal. The President's goal was to keep his read-my-lips campaign promise of "no new taxes." Congressional leaders wanted to appear to meet deficit-reduction targets without cutting any politically popular spending programs. Budget director Richard Darman came up with a solution that was simple -- too simple. A cut in the capital-gains tax would at least temporarily raise money to cover the revenue shortfall. Many Democrats at first supported the plan that looked like all gain, no pain...
...together began to fall apart. "Everything was going along swimmingly," explains an Administration official, "until the drug plan came out of nowhere, and then capital gains became partisan instead of the easy way out." The battle against drugs meant new spending, and Democrats began attacking a capital- gains cut as a Republican tax goody for the rich and famous...