Word: gramm-rudman
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...battle for fiscal discipline quickly degenerated into a familiar attempt to shift the blame for failure -- not only between parties and branches of Government but also onto the Gramm-Rudman procedure itself...
...meat-cleaver approach to budget cutting, the Gramm- Rudman mechanism has itself become a target. Senator Ernest Hollings, one of the authors of the legislation, announced last week that he was ready for a "divorce" from the act. During Senate hearings on reforming the budget process, Budget Committee chairman Jim Sasser of Tennessee said, "Gramm- Rudman is teetering on the verge of becoming more a part of the problem than a part of the solution." Sasser says the law has the Government keeping two sets of books: one devised to meet Gramm-Rudman, "which is a useful fiction to give...
...least one original sponsor still defends his offspring. Says Texas Republican Senator Phil Gramm: "It's bashing time for Gramm-Rudman, but our biggest critics are those who weren't for it to begin with. Without the law, our federal deficit would have been larger than...
...Bush Administration and Congress to rein in a runaway budget deficit that helps keep interest rates high. White House and congressional leaders merely ducked the issue last month in a sleight-of-hand agreement that cut the 1990 deficit to about $100 billion to comply with the Gramm-Rudman law. But a recession could make a mockery of that rosy projection by swelling the red ink to as much as $175 billion. "Using monetary policy to slow the economy is a poor second-best solution," says David Rolley, a senior economist at the Wall Street firm of Drexel Burnham Lambert...
...even a real beginning? In theory, this broad-brush budget outline would comply with the Gramm-Rudman statutory requirement by reducing the deficit to $108 billion in 1990. A more realistic estimate puts the budgetary red ink at close to $130 billion. But numbers cannot convey the political timidity of the President and Congress in stubbornly holding the line against a tax hike, protecting most entitlements and refusing to make more than token trims in domestic and defense outlays. The Rose Garden agreement, in short, has spawned a Sixteen Tons budget that, to paraphrase the 1950s Tennessee Ernie Ford...