Word: giaimo
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...confessed Connecticut Democrat Robert Giaimo, chairman of the House Budget Committee, after narrowly winning an acrimonious fight last week to limit federal spending in fiscal 1979 to $500.9 billion, $42.7 billion higher than this year's record budget...
...fiscal 1979 spending, many of the 435 Congressmen are rushing to push various pet projects into the overloaded document. Expenditures for agriculture, education, community development and veterans' benefits all have been increased by at least $1 billion more than Carter proposed. Complains House Budget Committee Chairman Robert Giaimo of Connecticut: "We've got to stop all these bright little ideas from being passed. You add them up and multiply by 435 and you've got trouble...
...farm bill is only one, though the most egregious example of spending bills that threaten to swell the federal deficit next fiscal year beyond the already frightening $60 billion that Carter had budgeted. Connecticut Democrat Robert Giaimo, head of the House Budget Committee, figures that it could rise as high as $70 billion. Consequently, the memorandum presented to Carter urges him to pledge publicly that he will hold the deficit to $60 billion and at least implicitly threaten to veto big-spending bills. Says one high economic adviser: "If we go above $60 billion, the stock market will be affected...
...Like Giaimo in the House, Democratic Senator Edmund Muskie, chairman of the Senate Budget Committee, tried to keep appropriations for the SBA farm loans to the original $750 million budget. But he was overpowered by Senators with large constituencies of farmers-ironically including a number of anti-Big Government, pro-free enterprise conservatives like South Carolina's Strom Thurmond and Georgia's Sam Nunn...
Unless eligibility for the loans is quickly limited, more billions will be needed next year. Giaimo hopes, at the least, to get the interest rate raised to 5% -still a bargain when compared with the 7.5% rate charged by banks to major corporations...