Word: darman
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Still, the fact that some Republicans had been caught up in the initial fascination with the Moynihan plan led the White House to launch a hasty counterattack. Budget Director Richard Darman presented Congress with a plan for a Social Security Integrity and Debt Reduction Fund that would require the Federal Government to gradually stop using the surplus to cover Government operating costs. The plan would not begin to take effect, however, until after the 1992 presidential election, and then only in stages. "Phased integrity," Republican Senate Leader Bob Dole mischievously called...
...slowdown is already undermining the credibility of the Bush Administration's first full-fledged budget, which calls for expenditures of $1.23 trillion in fiscal 1991. Budget Director Richard Darman was able to squeeze under the Gramm-Rudman-Hollings deficit target of $64 billion but only by using assumptions that call for a quick rebound in economic growth, coupled with a rapid descent of interest rates. Many economists view that combination as highly implausible. While the Administration predicts economic growth of 2.6% in 1990 and 3.3% in 1991, the blue-chip survey of 51 economists puts the figures...
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...