Word: gramm-rudman
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...list of suspects is not short. Weinberger has acquired new critics within the Administration by opposing the Gramm-Rudman deficit-reduction proposal, which the President supports despite its provisions for cutting military spending. The Secretary's credibility on Capitol Hill has shrunk to the point where Senate Armed Services Committee Chairman Barry Goldwater bluntly told Weinberger at his most recent appearance, "You haven't answered any of our questions." Yet Reagan seemingly retains faith in his longtime and unquestionably loyal associate. When asked in Geneva whether he had any plans to fire Weinberger, the President responded with a blunt "Hell...
Most difficult of all will be navigating the murky waters of the Gramm-Rudman Act, the jerry-built scheme adopted last month that mandates automatic reductions in federal spending if necessary to reach specific deficit-cutting targets. The tumult caused by this unprecedented measure, whose constitutionality is under challenge, will begin almost immediately. On Jan. 10, budget officials in the White House and Congress will kick the law into force by producing an estimate of the current fiscal year's looming deficit, probably about $200 billion. To limit the shortfall this year, Reagan will be forced by Gramm-Rudman...
...third time in six weeks, the stalemate over Gramm-Rudman nearly paralyzed the Government. The amendment, a rigid formula for budget cutting that has aroused concern even within the President's Cabinet, is attached to a bill to raise the national-debt ceiling to more than $2 trillion. Congress was faced with the threat of the Government going bankrupt in a matter of days unless the debt limit was increased. Failing once again to reach a compromise on Gramm-Rudman, the legislators granted the Government a one-month extension on its borrowing power. Upshot: by Dec. 12, Congress...
...reach a zero annual deficit by 1991, the original version of Gramm-Rudman called for severe spending cuts in many social programs and in at least a chunk of the Pentagon budget. House Democrats have countered with a bill that could take a bigger bite out of the military while protecting food stamps, Social Security and veterans' benefits...
...targeted limit by $180 million. "Until Congress comes to grips with the problem of the large budget deficit," said Reagan, "[the veto] is an instrument I shall not hesitate to employ." If last week was any indication, the President will be braced for a tough Round 4 on Gramm-Rudman in December...