Word: gramm
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Dates: during 1980-1989
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...Washington seemed to feel no such ground swell, at least not last week. The group is losing a race against the calendar for an agreement on a bipartisan package of spending reductions and revenue increases before Nov. 20, when $23 billion in arbitrary cuts will take hold under the Gramm-Rudman law. The committee began the week with optimism all around, based on a plan proposed by House Minority Leader Robert Michel of Illinois that would cut the deficit by $30 billion in fiscal 1988 and $45.5 billion in 1989. Michel's proposal was considered a breakthrough because it managed...
This week the group may feel more pressure, since the deadline arrives Friday. Congress could seek an extension of the Gramm-Rudman date, but that would be risky unless the group produces a compromise plan beforehand. Reason: the delay might send a strong signal to the financial markets that Washington is truly incapable of making tough decisions...
Despite the agreement calling for spending cuts, tax increases and sales of government assets, Reagan ordered Gramm-Rudman's $23 billion in automatic across-the-board spending cuts to begin...
Most of the Gramm-Rudman cuts would not be felt immediately, as federal agencies already were juggling accounts to avoid major disruptions such as furloughs or layoffs. Part of the agreement is that Reagan would minimize the impact of the Gramm-Rudman cuts while the necessary enabling legislation is being produced...
However, if the deficit-reduction agreement is enacted, the Gramm-Rudman cuts would be canceled and programs would be restored...