Word: dealing
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Dates: during 1980-1989
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...year. But there was little in the way of specifics. The conferees did not spell out where the new tax burden was going to fall. Nor did they decide which nondefense discretionary programs were going to lose $6 billion over the next two years. Congressional leaders will have to deal with the devil in those details...
...fiscal 1988 will hardly make a dent in the deficit for that year, which Congress projects will be $179.9 billion. Senator Bob Packwood, an Oregon Republican, called the budget package a "miserable little pittance." Congressman Newt Gingrich was even more acerbic in his appraisal. "It's a perfect summit deal for Thanksgiving vacation," said the Georgia Republican. "These leaders labored and produced the largest turkey of them...
Most politicians, however, were relieved simply by the fact that an agreement had been reached at all. As late as Thursday night, the negotiations seemed doomed. House Republicans, angered by the new taxes in the package, were threatening to oppose the deal. Democrats said they would not approve the compromise without G.O.P. support. Said House Budget Committee Chairman William Gray: "I'm not going to ask Democrats to jump off a cliff while Republicans wave...
Even after the summiteers emerged with their compromise on Friday afternoon, the President proceeded to trigger the $23 billion of across-the-board cuts required by Gramm-Rudman. Congress, however, has until mid-December to incorporate the new deal into law before the full weight of the Gramm-Rudman ax falls. Thus congressional leaders will be forced to iron out swiftly the details of the summit compromise and to muster the votes for the requisite tax hikes and spending reductions...
Perhaps the greatest failure of the summiteers was their unwillingness to deal with the major entitlement and Government pension programs, such as Social Security, which accounts for 20% of federal outlays. Various ideas were floated, including setting a limit on cost of living adjustments, delaying them for a few months or taxing Social Security benefits for wealthy recipients. Peter Peterson, a former Commerce Secretary and one-time head of the old Lehman Bros. Kuhn Loeb investment house, said that by limiting Social Security COLAs to 2%, the summiteers could have saved the Government $150 billion by the year...