Word: gramm-rudman
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Those shocks will be mild compared with the ones that will follow when the Administration presents its budget proposal for fiscal 1987, which begins next October. That document, due in February, will have to pare planned spending by more than $50 billion to comply with Gramm-Rudman, and leaks and protests are already flowing copiously from dismayed officials and special-interest groups. Since Reagan hopes to protect defense spending, his proposals will focus on domestic programs. Among probable goals: total elimination of the Small Business Administration and Job Corps, sale of the Federal Housing Administration and certain federally operated power...
...version almost from scratch. Not since 1976 has Congress actually completed this process and passed the requisite appropriations bills by the beginning of the fiscal year in question. This time the process will be even more complex--and the last-minute show downs far more dramatic--because the Gramm-Rudman scythe will swoop in with automatic cuts if no budget-cutting agreement is reached on time...
This will inevitably force some real cuts in the Pentagon budget, which has grown by an average of 8% since 1981, and could possibly endanger the President's effort to rebuild the nation's defenses. Because certain previously signed weapons contracts are protected from the Gramm-Rudman cuts, the burden will fall precisely where it will do the most harm to the military's readiness to fight: funds for operations, manpower, maintenance, training and supplies. Warns House Armed Services Committee Chairman Les Aspin, with perhaps a touch of hyperbole: "What you're seeing is a defense budget going down...
...stock surge was in part the product of encouraging economic signs: falling interest rates, low inflation, sagging oil prices, a declining dollar that will help reduce the U.S. trade deficit, and enactment of the Gramm-Rudman law to slash the federal budget deficit. The market was also driven by merger fever, as opportunistic investors pushed up the prices of companies thought to be takeover targets...
...Gramm-Rudman Balanced Budget and Emergency Deficit Reduction Control Act is the best thing to happen in America since the Democrats started spending their way into office [NATION, Dec. 23]. There is no sane alternative. The country was headed for total bankruptcy. In five years, when the budget is balanced, the free-enterprise machine will take off like a rocket. James A. Worrell Oklahoma City...