Word: deficits
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Dates: during 1970-1979
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Dukakis inherited a large budget deficit from Sargent. He alienated much of his support among Massachusetts liberals by cutting social welfare programs in efforts to deal with the state's money problems...
...somewhat bruised from his past encounters with Congress, Carter is playing it smarter this year. He has personally shaped the broad outlines of the budget. They are: total spending of $533 billion, about 8% more than in the current fiscal year, which ends on Sept. 30; a projected deficit of $29 billion, a respectable $12 billion less than this year. Well aware of growing public concern over the Soviet military buildup, Carter is proposing a 10% boost in defense spending, to $122.8 billion, which more than offsets 7% in projected inflation and thus meets his promise to NATO members...
...example, first chopped its operating budget by 10% in 1970; today, despite rising tuition, Chicago continues to allow its faculty to shrink through attrition by 1% to 2% per year. Nearby Northwestern University lost $1 million last year, and expects a similar shortfall this year. Yale's 1978 deficit was $2 million. Dallas' Southern Methodist University is wrestling with a cumulative deficit of $6 million. "We're caught between the goddam rate of inflation and the miserable performance of the stock market," says University of Chicago Provost Gale Johnson. "Our costs go up, and our endowment goes...
...weeks, right up to New Year's Eve, the issue remained in doubt. Would the nation's capital remain a two-newspaper town? Or would the deficit-plagued Washington Star be forced to call it quits...
...into one of hockey's classiest, most talented teams. While the rest of the NHL watched awestruck, the Uniondale youngsters serenely survived eight must-win 1975 playoff contests, upsetting the Rangers (J.P. Parise decided the finale after 11 seconds of OT) and Penguins (coming back from a three-game deficit for only the second time in professional sports history) before bowing out to eventual Cup champion Philadelphia Flyers in seven, after winning three...