Word: gramm-rudman
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Wall's spending spree is motivated partly by deadlines, he acknowledges. The regulator wants to expedite bailouts before the current fiscal year ends, on Sept. 30, so that next year's FSLIC spending will stay within the confines of the Gramm-Rudman deficit-reduction law. Wall's next rescue candidate could be a whopper: the American Savings and Loan Association of Stockton, Calif., whose bail-out may cost $2 billion...
ARMS CONTROL: Favors research and deployment of SDI. CENTRAL AMERICA: Favors sending military and economic aid to the contras, and supports the Arias peace plan. DEFICIT: Will reduce waste in the defense department and eliminate the Department of Education. Favors Gramm-Rudman balanced budget amendment. EDUCATION: Would implement the use of education vouchers, and calls for increases in programs to attack illiteracy. TAXES: Will not raise income taxes, but will raise taxes on alcohol and tobacco. TRADE: Favors free trade, opposes Gephardt amendment, but concedes that some action must be taken against unfair trade practices...
...goal was to wipe out the deficit by 1992 -- a year ahead of the target in the latest version of the Gramm-Rudman law. The case for balancing the budget sooner rather than later is simple: the longer it takes, the more difficult it becomes, and the more costly the delay. During his terms, Reagan has amassed a higher deficit total ($1.25 trillion) than all previous Presidents combined. In the process, he and Congress have more than doubled the national debt, to $2.36 trillion. Meanwhile, interest on the debt has snowballed, threatening to bury the financial fortunes of generations...
...other candidates. The story was not responsible. I also read the Boston Globe's story on the Babbitt interview, and it was as if the Globe reporter had attended a different event. Somehow, the Globe reporter was able to write a whole story on Babbitt's policies concerning Gramm-Rudman, taxes, education, abortion, immigration, and foreign policy...
Even after the summiteers emerged with their compromise on Friday afternoon, the President proceeded to trigger the $23 billion of across-the-board cuts required by Gramm-Rudman. Congress, however, has until mid-December to incorporate the new deal into law before the full weight of the Gramm-Rudman ax falls. Thus congressional leaders will be forced to iron out swiftly the details of the summit compromise and to muster the votes for the requisite tax hikes and spending reductions...