Word: cuttingly
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Dates: during 1970-1979
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...transition may be bumpy at first.Sills, a charmingly mettlesome Norina in the Met's effervescent new production of Don Pasquale, has a full performance schedule through 1980. She will cut back. But some promises may be impossible to break, such as the San Diego Opera premiere next June of a new opera written for her by Gian Carlo Menotti. Sills has little administrative experience, but she has a sharp, well-organized mind. During the past seven months, she has spent every free moment trailing the City Opera managing director. Says she: "I have learned everything: how subscriptions work...
...heads Data Resources Inc., the nation's leading economic analysis firm. Adds David Grove, a consultant to IBM who sometimes sides with the liberals: "The problem that the country has to face is whether it really wants to get the basic rate of inflation down very substantially, to cut it, say, in half. There is no way to accomplish that without going through a recession and having a couple years afterward of very slow growth...
That speech started a remarkable policy reversal. To pep up what then looked like a flagging economy, the President had begun the year by calling for a $25 billion tax cut and a $60.6 billion budget deficit in fiscal 1979, which started Oct. 1. As late as March, misled by alarmist predictions from Energy Secretary James Schlesinger that a continued coal strike would cripple national production, Administration aides led by Robert Strauss forced on mine operators a settlement that will raise wages and benefits nearly 40% over three years...
...Carter's proposed laundry list of revenue-raising reforms, such as limits on deductions for business lunches and taxpayers' medical expenses. Instead the legislators passed a series of tax benefits to aid business investment and expansion and, to everyone's astonishment, whooped through a cut, from 49.1% to 28%, in the top tax rate on capital gains (profits made on the sale of stock, real estate or other assets). Also, Congress and Carter eventually agreed to reduce the total tax cut from the $25 billion that the President had originally requested to $18.7 billion, and to delay...
...BUDGET CUTTING. The expected deficit for fiscal 1979 has now been reduced from the original $60.6 billion to $38.9 billion, and in fiscal 1980 the President has pledged to shrink it to $30 billion or less. To do so while also increasing defense spending he will have to cut some civilian programs-public service jobs, antipollution grants, subsidized low-income housing-and give up or delay some new initiatives. National health insurance? Not until 1983. Welfare reform? Under current plans, no money for it. Members of the Board of Economists fear that even if Congress accepts all this shrinkage...