Word: darman
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Dates: during 1990-1999
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...political results. Last week Bush gave them their most unequivocal direction so far: he showed them the door. As a political sacrifice play, the beleaguered President put out the word that in a second term he would replace his economic team, including Treasury Secretary Nicholas Brady, Budget Director Richard Darman and chief economist Michael Boskin. To fill the void, Bush said he would appoint chief of staff James Baker as domestic policy boss...
...soon as George Bush won the presidency in 1988, he began planning how and when he would violate his most memorable campaign promise, "Read my lips: no new taxes." Even as he unveiled that pledge in August 1988, Bush knew -- and was reminded by Darman -- that he, like Ronald Reagan, would end up raising taxes to avoid cutting popular middle-class spending programs. In preinaugural interviews, Bush pretended that he was only just discovering the economic time bombs represented by the federal budget deficit and the national debt. "I've started going into the numbers, finally," Bush told TIME...
Brady, who sometimes seemed unschooled in public finance but had had long experience as head of an old-line investment firm, regularly expressed disdain for excessive public and private debt. Darman, meanwhile, was pressing for a "grand compromise" by which Bush and the Congress would agree to a package of spending restraints and tax hikes to bring the red ink gradually under control...
...unemployment continued to rise in 1992, many Republicans called for the heads of Brady and Darman, whom conservatives held responsible for the breaking of the tax pledge. But Bush defended them. Activist Republicans also called in July and August for Bush to demonstrate powerfully the shift in his attention from foreign affairs to the domestic economy by declaring at that point that Baker would serve as economic czar in a second term. But until last week, Bush deferred to Baker's preference for returning to the State Department...
...DARMAN: The numbers are absolutely absurd. I know no one anywhere who says you can get savings like that without draconian rationing...