Word: deficits
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Dates: during 1970-1979
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...ethnics who helped elect him in the first place. He has angered liberals by defending his police department against charges of brutality. He has outraged businessmen and many homeowners by increasing taxes 30% in 1976, the largest boost in the city's history, and by running a projected deficit that portends further tax rises...
...rule. Inflation is running at a rate of 8.6% annually; unemployment, at 8.5%, is at the highest level since 1940; and the value of the Canadian dollar has plummeted from $1.03 U.S. to a spindly 840 in the past 23 months. The federal government is running a deficit that is expected to reach at least $11.8 billion this year, and Canadians, like many Americans, are worried about a bloated, overpaid federal bureaucracy...
Thus the struggle became a complex triangular fight between the House, Senate and President. The reasoning at the White House was that Carter would take his stand on holding down the budget deficit, fighting inflation and limiting the tax cut. In a low-key, candid meeting with the Senate's Russell Long and House...
...past year. Washington seems incapable of stopping the slump; even optimistic statements by the White House nowadays often have a perverse effect. Last week, for example, President Carter said at his news conference that congressional passage at long last of his battered energy legislation should trim the U.S. trade deficit and bolster the dollar. Next day the dollar hit yet another record low against the deutsche mark, dropped against the Swiss and French francs, the Dutch guilder and the British pound, and even sank to a 31-month low against the weak Italian lira. The apparent reason: moneymen concluded that...
Unfortunately, things did not turn out that way. Despite the $2 billion infusion, Conrail is now losing far more money than the six decrepit lines did collectively before the consolidation. After a 1977 loss of $367 million, Conrail is rumbling toward a deficit of more than $400 million this year, and the trend is definitely downgrade. So perilous is its financial position that the House at last week's end was driving toward following the Senate's example and passing an emergency bill that would give Conrail another $1.3 billion. Even so, the U.S. Railway Association, the agency...