Word: giaimo
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House Budget Committee Chairman Robert Giaimo of Connecticut unveiled what amounts to his own budget. As approved by the committee late last week, it calls for the spending of $611.8 billion in fiscal 1981, which begins Oct. 1, or $16.5 billion less than Carter's estimate of early March. It assumes revenues of $617.3 billion and a surplus of $5.5 billion, the first since 1969 and the largest since...
...whacked from defense spending. Lesser but significant reductions would be made in a wide variety of highway, youth employment and health programs and in payments to federal retirees. In a show of self-sacrifice, the committee even suggested delaying cost of living pay increases for Congressmen. In addition, Giaimo proposed $3.5 billion in new taxes, to be chosen by the House Ways and Means Committee from a "laundry list" of possible new levies. Among them: higher "sin" taxes on cigarettes and liquor; lower business entertainment deductions; an income tax surcharge on high-salaried people...
...Congressmen were meeting with Miller, the Treasury Secretary was summoned for a consultation with Carter. Byrd politely insisted that Miller would have to conclude his talk with the Congressmen first, and Miller eventually sent word to Carter that the President would just have to wait. Said Connecticut Representative Robert Giaimo admiringly: "Byrd taught me how to wield a gavel...
...presidential plan that finally emerged has congressional agreement only in principle. Given the national fear about inflation, says Giaimo, no Congressman or Senator wants to run for re-election as a proponent of a deficit budget. But veteran observers believe the quarrel over just which programs to cut could rival in bitterness the three-year battle over Carter's energy program. Says Democratic Representative David Obey of Wisconsin: "Everybody wants to cut Ol' Charlie's program. And nobody wants...
...major recession hits, all pledges on tight spending are off. Speaker O'Neill, an old-line liberal, plans to press for tax cuts and whatever it would take to stimulate the economy. Says he: "We're ready to go with programs if recession hits." Even Giaimo admits the Carter budget would not last under recession battle conditions. "If the economy were to go to hell," says Giaimo, "the whole thing would be a new ball game...