Word: gramm
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Dates: during 1980-1989
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...Government, the President would prefer to see private business and local government lead the way, or at least foot the bill. As they labor to come up with a program to fulfill the goals Reagan announced last month, White House aides realize that in the era of Gramm-Rudman they must fight drugs on the cheap. One top Administration official privately tempered the President's high-flown rhetoric with bottom-line bureaucratese. Said he: "You've got a zero-sum game as far as budgeting goes...
...economists still expect a second-half pickup. Right now, though, the slowdown has presented policymakers with a painful dilemma. According to the latest Government forecasts, the federal deficit will total $163.4 billion during the fiscal year that begins this October, about $20 billion above the target set by the Gramm-Rudman law. But some economists fear that new cuts of even $10 billion in Government spending could be enough to tip a weakening economy into recession...
Alas, poor Gramm-Rudman. This year the federal deficit was supposed to start receding as a prelude to the Gramm-Rudman deficit-reduction targets of $144 billion for 1987 and zero for 1991. Instead, 1986 has turned into another year of record red ink. Last week the Office of Management and Budget predicted that when the accountants close the books on fiscal 1986 in September, the federal deficit will stand at a stupefying $230 billion, $27 billion more than the Government predicted in February. Said a chagrined OMB Director James Miller: "It is not something I'm proud...
With the economy on slow, the Congressional Budget Office is predicting that the deficit in 1987 will drop, but only to around $173 billion, $29 billion more than Gramm-Rudman mandates...
...farm subsidies are swelling the already bloated federal budget. U.S. spending on agricultural price and income supports, which totaled $17.8 billion in fiscal 1985, is expected to reach a new high of $35 billion this year. "It's ridiculous," says New Hampshire Senator Warren Rudman, who co-sponsored the Gramm-Rudman deficit-reduction bill last year...