Word: deficits
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Dates: during 1980-1989
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Largely because of these concerns, the Bush team has pegged deficit reduction as its numberone economic priority from the first days of the presidential campaign. New administration appointees like Associate Professor of Economics Lawrence B. Lindsey say a so-called "flexible freeze" can balance the budget in five to six years...
...Cambridge, some experts have already pinpointed prime candidates for trimming. Former Nixon adviser and Lee Professor of Economics Hendrik S. Houthakker, for one, says high spending for agricultural programs and grants to state and local government could be reduced, creating a windfall to finance the deficit...
...according to Irving, Bush might be better off politically by eating the words of his campaign rather than keeping his promises of no new taxes, considering the economic consequences of continued deficit spending...
Despite the presidential-congressional sparring of the Reagan years, insiders say that Bush and the Democratically-controlled Congress will be able to reach a compromise measure for deficit reduction, even if it is a politically unpopular tax increase. Congressional leaders like Gradison, the ranking Republican on the House Appropriations Committee, note that Congress is as committed to a balanced budget as the president...
...have institutionalized our concern about the deficit with the Gramm-Rudman-Hollings bill and saying basically if certain cuts aren't made other certain dire cuts will take place," says Gradison. "I do think there is a growing consensus that cuts across party lines that the deficit has to be brought down and that compromises have to be made...