Word: darman
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Dates: during 1980-1989
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Before the ominous S&L predictions had a chance to sink in, alarms were going off about other potentially monumental crises. A report by Budget Director Richard Darman warned that careless management at such agencies as the Veterans Administration and the Department of Energy may have allowed scandals rivaling the estimated $8 billion imbroglio at the Department of Housing and Urban Development to go undetected. But the gravest worries were triggered by concerns about the solvency of more than $5 trillion in federal credit and insurance programs that cover everything from bank deposits to student loans and Third World...
...stimulate private industry without making firms dependent on Government handouts? The Bush Administration is torn. Many staff members, at the Commerce and Defense departments believe that robust electronics industries are vital to the national security and should be fostered by the Government. But conservatives led by Budget Director Richard Darman argue with equal vehemence that it is counterproductive for the Government to try to "pick winners and losers" in high tech...
...number crunchers "saved" $1.7 billion. A similar bit of wizardry -- prepaying a $3 billion Pentagon payroll in the 1989 fiscal year -- "reduced" the 1990 deficit by that amount. Bush was in no position to resist the sleight of hand: the legerdemain was originally concocted by his budget director, Richard Darman...
...fact, when it comes to economic policy, the Administration appears to care little about deficit reduction. The White House seems to care only about keeping Bush's no-new-taxes pledge. Administration officials like to point to Darman's optimistic economic assumptions and deficit predictions as well as the relatively good business climate. Bush has not uttered a word about the budget deficit in weeks...
House Speaker Thomas Foley privately proposed dropping the hundreds of extraneous spending programs -- and the capital-gains cut -- from the budget- busting bill. But Darman turned down the offer, thinking he could get the kind of trimmed-down budget he preferred as well as the capital-gains cut. When it became clear the Administration would be charged with favoring capital gains over budget cutting, Darman relented. But by then it was too late to stop sequestration from taking effect...