Word: deferements
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...wake of nationwide publicity last April, Pudding leaders announced that they would launch a massive capital fund drive sometime this fall. However, Frank Hood '82, the Pudding's undergraduate president, said last week the club has been forced to defer the $600,000 project because University officials feared it would interfere with Harvard's own capital campaign...
...perhaps more important was what he did not do. He did not abandon his goals of holding the fiscal 1982 budget deficit to roughly $43 billion and of balancing the budget by 1984. He did not defer or scale down the newly enacted tax cuts that go into effect next week. He refused to make more than token cuts in the defense budget. And he backed away from tinkering with the politically sensitive issue of Social Security...
Stockman was left with limited room to maneuver in compiling a package to cope with the burgeoning deficit projections. The core of his original solution, composed two weeks ago, was to defer, for three months, cost of living adjustments (COLAs) for entitlement programs
...Revision of certain tax breaks. Under this revenue-raising measure-a new proposal by the Administration-defense contractors will no longer be able to defer income from multiyear projects until the final year, and industries face new restrictions on the issuance of tax-exempt bonds. One important change that will affect individual homeowners: under the proposal, energy tax credits for conservation efforts or for insulating residences and commercial property would...
Senator Baker predicted there will "almost certainly" be an effort to cut defense spending further. Congress may also defer some of the income tax reduction, a move that Reagan strongly opposes. And finally, Capitol Hill may simply reject most of the proposed cuts, one by one. The spring swarm of "Boll Weevils," Southern conservative Democrats willing to support Reagan's first round of spending curbs, may be replaced by an autumn flight of "Gypsy Moths," moderate Republicans from the Northeast who are reluctant to reduce social spending further...