Word: deficits
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Dates: during 1980-1989
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...wanted to use his visit to Asia to do more than show the flag (figuratively at half-staff, in the case of Japan), he would assure the Asians that the U.S. is prepared, belatedly but resolutely, to manage its ! finances -- that is, raise taxes, encourage savings, and reduce the deficit -- in a manner comparable to that of many other industrialized democracies and in a manner befitting a superpower with global aspirations and responsibilities...
...comeback at a time when it could play havoc with the aging economic expansion and the new Administration. A serious rise in prices would force the Federal Reserve to fight back by pushing interest rates higher, which runs the risk of choking the economy, boosting the federal budget deficit, and ballooning the cost of President Bush's savings and loan bailout...
Most important for Bush, runaway interest rates would cast a pall on the Administration's sunny outlook for economic growth, which is central to its plans to cut the budget deficit. The White House expects the economy to expand by a robust 3.3% in 1989, vs. the 2.7% growth rate predicted by a consensus of top private forecasters. The Administration's scenario for a fast-moving economy would raise more than $80 billion in fresh tax revenues and help Bush meet the $100 billion deficit ceiling mandated by the Gramm-Rudman law for fiscal...
...Bush may be handing over the economic throttle to Greenspan by failing to take any tough deficit-reduction measures that might remove the heat from prices and interest rates. The Administration has little real chance to hit the Gramm-Rudman target without a tax increase, which Bush has ruled out, or politically unpopular spending cuts, which the President seems loath to initiate. Bush's strategy of leaving the hard choices to Congress has led so far to budget gridlock. Concedes a senior Administration official: "If Congress accepts our budget, economic growth and inflation and interest rates will take care...
...vowed to continue his efforts to reduce inflation. When Colorado Democrat Tim Wirth noted that the Fed seemed to be caught in the midst of a dangerous "high-wire act," Greenspan solemnly replied, "It is." Unless the Administration and Congress can find a credible way to cut the budget deficit, the Fed's daredevil performance will remain the only act in town...