Word: domenici
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...champagne bottles in his office at 4 a.m. to celebrate, and took a call from Reagan in Lisbon, where it was 10 a.m. "We know you're a little disappointed on defense," Dole told the President, "but we may have some adjustment later on." Senate Budget Committee Chairman Pete Domenici took the phone to promise Reagan that the final figure on military spending, after all congressional budget action is completed, would be "no lower than this number or we just won't have a budget...
...Pentagon in the next fiscal year). House Budget Committee Chairman William Gray complained that "still, under the Senate proposal, the Pentagon would receive an increase for inflation while domestic programs would be frozen or cut." Gray pledged a "more equitable" House resolution. His opposite number in the Senate, Domenici, replied that rather than agree to any further military cuts he would boycott an eventual House-Senate conference and leave Congress with no budget resolution...
...Wednesday afternoon Stockman transmitted the numbers to Lisbon by electronic facsimile, and Dole, Domenici and Friedersdorf placed a this-or- nothing conference call to Regan. The chief of staff took the news to Reagan as he was dressing for dinner with the President of Portugal. "Is this the best deal we can get?" asked Reagan. His chief of staff replied that it was. Regan phoned Dole Thursday morning with the President's acceptance, and the last roundup of votes began. Four Republicans who could not accept the civilian spending reductions voted against the budget resolution. Dole won over only...
...proliferation of the paper, though, is causing both moneymen and legislators to wonder whether the junk pile could collapse. Last week New Mexico Republican Pete Domenici introduced a Senate bill that would halt the feverish growth by putting a moratorium until the end of the year on most takeovers financed by junk bonds. The bill could put a stop to deals like Corporate Raider T. Boone Pickens' plan to acquire Unocal with some $3 billion in junk bonds, one of the largest issues ever proposed...
...regulators are concerned about the increasing amount of junk-bond investing by banks and by savings and loans. Says Norman Raiden, chief counsel of the Federal Home Loan Bank Board: "Junk bonds are likely to be most attractive to distressed institutions that need high yields." As a result, the Domenici bill would forbid banks and savings and loans to buy any junk bonds...