Word: deficits
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Dates: during 1980-1989
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...Browns in their 38-33 shoot-out, but Denver's sublime John Elway also looked to be only the second-best quarterback on the field. Doing his awkward and wonderful impression of Johnny Unitas, Bernie Kosar was blithely leading the Browns back from a 21-3 half- time deficit when Runner Earnest Byner dropped the season on the three-yard ! line. In the locker room afterward, the Broncos players were unusually quiet, and not only because of the nature of their victory. They remembered last year...
While Costello's task is to keep the U.S. ahead, he must do so at a time of serious concern about the federal deficit and severe budget constraints. Carlucci, who last November succeeded Caspar Weinberger, the freest-spending Defense Secretary in U.S. history ($2.4 trillion in just under eight years), has ordered that planned Pentagon outlays in the fiscal 1989 budget now being prepared must be cut by $33 billion...
...Reagan revolution: the tax cuts -- including a call for new reduction in the rate on capital gains -- the five-year economic boom, the resurgence of patriotism. Then the President also planned an ode to the Nicaraguan "freedom fighters." And of course there was a section of budget-deficit blues, a put- the-blame-on-Congress thumper ending with that ancient standard: the call for a line-item veto...
...since Ulysses S. Grant in 1876, Presidents have asked Congress for the power to reject individual appropriations without wiping out an agency's entire budget. Reagan has argued that a line-item veto would allow him to rein in the big spenders on Capitol Hill and bring down the deficit. Says a White House aide: "What we're talking about is changing a pattern of behavior that has existed for a long time...
...reform would strip power from the Legislative Branch and hand it to the Executive. But recent events have conspired to give the idea some weight. The Oct. 19 stock-market crash shocked Washington into the realization that the U.S. economy will not be able to endure continuing federal deficits of $170 billion or more. Then Government's budget "summiteers," after much agonizing, produced a puny two-year, $76 billion deficit reduction package. Just before Christmas, Congress presented the President with a $603.9 billion spending bill for fiscal year 1988. The 2,100-page law was packed with pork-barrel goodies...