Word: deficits
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Dates: during 1980-1989
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...Resolution Trust Corporation, which will handle the sale of the assets of the 500 insolvent thrifts. Since the bonds will be sold by the RTC rather than the Treasury, Bush hoped they would be classified "off budget," meaning they would not be counted as part of the federal deficit. But by carrying that designation, they would have paid a higher interest rate than Government bonds. That extra interest expense would increase the overall cost of the bailout plan by an estimated $5 billion. The House refused to go along with that sleight of hand and voted to include...
...There were also painful disclosures about the dreadful state of the Soviet economy. Prime Minister Nikolai Ryzhkov admitted that some 40 million Soviets, or 13% of the population, live below the poverty level, that the Afghanistan war had cost about $70 billion and that the country's foreign-trade deficit this year will reach $52 billion. (The U.S. foreign-trade deficit last year was $119.8 billion.) In an attack on the economic front, Ryzhkov proposed cuts of almost a third in the military budget until 1995 and the elimination of as many as 18 of the 50 government ministries...
...city is now beset with dozens of lawsuits. Firemen have sued successfully to collect three years of back uniform allowances, only to be told that the award left no money in the till to pay their salaries. A bill making its way through the state legislature will erase the deficit in the current budget and finally put an end to payless paydays for city employees, at least for the time being...
...council is likely to seek a loan from BayBanks and will still have to drastically cut next year's social budget. But Treasurer Michael R. Kelsen '90 said that the deficit will not affect grants to student organizations...
...ironic to hear that Bush has been an ineffectual President on the domestic level. Recent economic indicators would astound even the most skeptical. Since Bush has entered office, the unemployment has dropped to 5.1 percent; the trade deficit has fallen, exports exceeding imports by $1.8 billion during the last quarter; the stock market recently hit a post-crash high...