Word: deficits
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Dates: during 1970-1979
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...friendly audiences. They also shrewdly declined to put forward detailed proposals that Trudeau, an unmatched debater, could pick apart. One exception: a highly popular plan for partial tax deductions for home mortgage interest payments and local property taxes. Clark also advocated sharp tax cuts that would create a "stimulative deficit" substantially larger than the current $13 billion...
...Though no new Government spending programs are in sight, the federal budget deficit will be far more than the $28.4 billion the Administration is forecasting for fiscal 1980 because the recession will reduce tax revenues...
...asked for a $532 billion budget and assumed revenues of $504 billion, with a $28 billion deficit. The House lopped $2 billion from defense, eliminated the President's proposed $2.5 billion real-wage insurance and $2.3 billion in revenue sharing, and added some funds to social spending. The result: spending of $532.7 billion. But by estimating revenues at $508 billion because of a higher projected G.N.P., the House claimed a lower deficit of $24.9 billion...
Denouncing the budget as a "sham," House Republicans tried to clobber it with amendments. One of them was for a $523.4 billion budget with a deficit of $15.2 billion and a tax cut of $6.5 billion. This was defeated 228 to 191. Then came a proposal for the spending of $526.9 billion with an $18.7 billion deficit. The measure was voted down, 218 to 198. New York Republican Jack Kemp proposed indexing individual income tax brackets to offset inflation in 1979 and cutting income taxes by 10% in 1980. By 229 to 182, the House said...
...House budget measure must be reconciled with the Senate version, which has much the same totals: $532.6 billion in spending with a $29.0 billion deficit. Thus, Congress may miss the May 15 deadline for getting its budget resolution on the President's desk, which is not an irretrievable loss, because the resolution is only advisory and the final budget will not be voted on until this fall. A larger question, however, is whether the spending approved by Congress will ultimately satisfy the inflation-plagued public and lead to the balanced budget that Carter promised...