Word: deficits
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Dates: during 1970-1979
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...tight budget, with spending for fiscal 1979, which starts Oct. 1, held to $500.2 billion, roughly 8% more than this fiscal year. (The President stressed heavily that, adjusted for inflation, the increase would be only 2%.) The deficit is expected to shrink slightly, from $61.8 billion in fiscal 1978 to $60.6 billion. Though many businessmen grumble that spending and the deficit should have been reduced by $20 billion or more, the President did resist pleas for still higher expenditures. and McIntyre turned out to be something of a tiger at slashing spending requests...
...emphatically not those that businessmen would select. Most executives are frightened by inflation, fear that it may bring an end to the expansion in a year or two despite Carter's tax cuts, and think the President should crack down on it by cutting federal spending and the budget deficit more than he intends. Businessmen and economists, like Murray Weidenbaum, a member of the TIME Board of Economists, consider his anti-inflation program "a puffball," and fear that the Administration is not yet sufficiently aware of how damaging a further decline in the value of the dollar could...
...Prince of Wales team had to overcome a two goal deficit to record its fourth straight win in All-Star competition. Bill Barber of the Philadelphia Flyers put the Campbells on top early with an unassisted goal at 1:25 of the first period, and Bobby Clarke made it 2-0 with a shot past Wale's goalie Ken Dryden early in the second period...
...dollar has primarily been depressed by the U.S. trade deficit, which in turn largely reflects the high cost of imported oil. Carter in a press conference last week argued that until Congress stops fiddling and passes his energy program -which is designed to promote conservation and cut imports-the dollar will continue under pressure, and interest rates will stay high...
This year, says the Department of Commerce, aerospace industry shipments could reach $37 billion, a 30% jump over last year. That would make aerospace the fastest-growing segment of U.S. manufacturing. About $9 billion worth of U.S. planes will be sold overseas, possibly narrowing the yawning U.S. trade deficit of $11 billion...