Word: gramm-rudman
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...Rainbow" on every channel--have left themselves a generous escape clause. Though spouting stentorian anti-deficit rhetoric, the pro-amendment forces astutely realize that sometimes deficit spending is necessary and thus have stipulated that Congress could violate its new iron-clad rule by a three-fifths majority. Like the Gramm-Rudman bill that came before it, the Balanced Budget Amendment is as toothless as Superpolygrip shill Marta Raye...
...feds would simply let some people go without insurance that they could buy only if they were given additional subsidy, and that the Administration would thus renege on its promise of universal coverage. More likely the caps would turn out to be unenforceable, like those the succession of Gramm-Rudman acts sought to impose on federal spending...
RONALD REAGAN PLEDGED TO BALANCE THE BUDGET by 1984. Congress, in the first, 1985, version of the Gramm-Rudman Act, promised to wipe out the deficit by 1990. Bill Clinton in last year's campaign merely proposed to cut red ink in half in four years. But if his vow was more modest, it was not, apparently, any more realistic than -- well, George Bush's prediction three years ago of a balance by fiscal 1993. In fact, Bush's final budget reveals that during his Administration the deficit nearly doubled, rising to an expected $327.3 billion in fiscal...
...real deficit-elimination plan could hardly be enacted overnight. Perot himself says it would take at least a year. And a five-year plan would suffer inevitable slippage. Look at past fiscal diets, like Gramm-Rudman. If the goal of a balanced budget actually produced, say, an annual deficit under $100 billion by the year 2000, that would be widely regarded as a spectacular success...
Given the threat of recession, a mouse is all that could have been hoped for. Any attempt to cut the deficit to $64 billion, as the Gramm-Rudman- Hollings law requires, would have sent the economy into a tailspin. The $40 billion in deficit reduction the plan is supposed to achieve this year -- half from spending cuts and half from tax increases -- amounts to 0.5% of the nation's total output of goods and services. Once the costs of the S&L bailout and the Persian Gulf mission are factored in, the real reduction for 1991 will probably be closer...