Word: deficits
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Dates: during 1980-1989
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Another key reason for the rising interest rates is the federal budget deficit, which is expected to total $137 billion in fiscal 1990. Paul Volcker, the former Fed chairman and now a Wall Street financier, warned a congressional commission last week that unless the Government reduces its huge borrowing needs, "there is the risk of a real financial disturbance. It would bring about the kind of recession that would be the most difficult to handle." One way in which the deficit has triggered higher rates is by undermining foreign confidence in the dollar, which plunged more than 3% against...
Reagan, who leaves office January 20, said he would be "deeply disappointed" if President-elect George Bush raised taxes to help cut the deficit, which grew to $155 billion this year. But he quickly added, "I don't think it's going to happen...
...Thus last week former Presidents Gerald Ford and Jimmy Carter got 50 minutes of the President-elect's time to present the gist of a two-volume American Agenda report produced by a bipartisan staff of more than 300 experts and former Government officials. The message: reduce the budget deficit by $40 billion a year for the next four years, abandon the idea of a Star Wars defense that could totally shield the U. S., shore up the faltering savings and loan industry at an estimated cost of $50 billion, and allocate an additional $9 billion to $13 billion...
...neither the curricula vitae nor the mountains of advice are likely to do much to advance the causes they represent. The budget deficit, notes Norman Ornstein of the American Enterprise Institute (which did not issue a transition report), means that "on a variety of problems the ground which we can till for new ideas is a pretty narrow strip." Whatever solid nuggets there are in the reports are almost impossible to locate in the hustle and bustle of the transition. Experienced mid-to-upper-level job hunters in Washington have long since learned that their prospects improve once...
...array of new and expensive weapons -- along with the Navy's $3 billion Seawolf submarine and the Army's $60 billion Forward Area Air Defense System -- that the Pentagon plans to purchase despite the urgent need for the incoming Bush Administration to bring down the $145 billion federal budget deficit. Defense specialist William Kaufmann of Harvard estimates that the military programs already in the acquisition pipeline could cost more than $900 billion -- three times the entire amount the Pentagon will spend this fiscal year. "The B-2 embodies the defense conundrum," says Gordon Adams, director of Washington's Center...