Word: deficiteer
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Dates: during 1960-1969
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...surprise move amounts to a monetary corset for the fattening economy. "We are in the midst of the worst financial crisis since 1931," said Reserve Board Chairman William McChesney Martin. The nation, he maintained, faces "uncontrollable inflation" or an "uncontrollable recession" because of an "intolerable balance of payments deficit side by side with a budget deficit...
...avert those twin perils, said the globally respected central banker, the U.S. must cut its budget deficit in the fiscal year starting July 1 from a prospective $20 billion to less than $8 billion. Achieving such a reduction would require not only prompt enactment of the Administration-backed 10% income-tax surcharge but budget cuts at least as large as anything Congress has proposed. Moreover, said Martin, he has already told President Johnson that unless the U.S. slashes its balance of payments deficit, that problem will inexorably lead to a world devaluation of currencies. "This would...
...FNMA's board of directors. Most important of all, the change would remove a cloud that looms over the agency's ability to continue operating. Under the Government's new budgetary bookkeeping, all of Fannie Mae's mortgage purchases add to the already large federal deficit...
...raise $240 million of the $4 billion in fresh taxes provided for in Britain's latest austerity budget. By taking money from British pockets, the whole tax package is generally intended to dampen demand at home, thus help ease the country's chronic balance of payments deficit. The soak-the-rich character of the investment-income levy has the added political purpose of pleasing left-wing members of Harold Wilson's ruling Labor Party...
Wynne went down to his Tufts man when he failed to pick up a birdie on the 18th hole. He had fought back from a three hole deficit at the 15th hole. Purdy lost, 2-1, as his opponent birdied the last two holes to upset...