Word: deficits
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Dates: during 1970-1979
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...spend $498.9 billion, and late last week members of the two chambers began working out a compromise that will be sent to President Carter early this week. Whatever the exact total finally is - and many economists believe it will be too high and burdened with too large a deficit - it will set the guidelines for all of Congress's deliberations on appropriations in the months ahead...
...Giaimo's side were some powerful allies, including an inflation-minded President who had threatened to veto any new programs that would make the budget deficit higher than $60 billion (the House resolution forecasts red ink of $57.9 billion) and many voters who oppose increasing the federal deficit. This same anti-inflation spirit turned House Republicans into a formidable force, even though they are outnumbered by Democrats, 288 seats to 147. In contrast to Senate Republicans, who let their budget resolution breeze through unchallenged last month, House Republicans set out to cut about $20 billion from the Democrats...
...billion that Democratic congressional leaders have been telling him the House and Senate will pass. Further, he wants the cut to take effect on Jan. 1, 1979, three months later than he originally proposed. As a result, according to the Administration's calculations last week, the projected 1979 deficit will be slashed by about $10 billion, to a total of $53 billion, and inflationary pressures will be considerably reduced. In turn, said Schultze, there will be less pressure on the Federal Reserve Board to clamp down on inflation by a further tightening of credit. That same argument was presented...
...initial reaction from many business leaders was that the economic stimulus to be expected from the proposed cut was not worth the extra deficit that it would add to the budget. Asked Irving Shapiro, chairman of Du Pont de Nemours & Co.: "Why have it at all if the reductions are going to be too small to do any good?" Oregon Democrat Al Ullman, chairman of the House Ways and Means Committee, which is handling the tax legislation, welcomed Carter's decision, but said that the cut should be reduced to about $15 billion. In any event, Carter may back...
...recent weeks Congress has grown uneasy about the size of the deficit, but instead of acting to limit spending, a movement is gaining ground to reduce or delay the $25 billion tax cut that Carter plans for October. Doing that might crimp the growth of the economy. It would be far better to reduce spending and use part of the savings to cut taxes...