Word: gramm
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Dates: during 1980-1989
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...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...
...unlikely to whip him at the polls, so they want to abolish his job and replace it with a panel appointed by the Governor. Hightower forced the showdown two months ago, when he made the surprise decision to pass up a race for the U.S. Senate against Republican Phil Gramm and instead run for re- election in 1990. Then he promptly spurred a ruckus with his plan to promote hormone-free Texas beef. The proposal angered many cattlemen in part because it would boost feed costs...
...robust 3.3% in 1989, vs. the 2.7% growth rate predicted by a consensus of top private forecasters. The Administration's scenario for a fast-moving economy would raise more than $80 billion in fresh tax revenues and help Bush meet the $100 billion deficit ceiling mandated by the Gramm-Rudman law for fiscal...
...Bush may be handing over the economic throttle to Greenspan by failing to take any tough deficit-reduction measures that might remove the heat from prices and interest rates. The Administration has little real chance to hit the Gramm-Rudman target without a tax increase, which Bush has ruled out, or politically unpopular spending cuts, which the President seems loath to initiate. Bush's strategy of leaving the hard choices to Congress has led so far to budget gridlock. Concedes a senior Administration official: "If Congress accepts our budget, economic growth and inflation and interest rates will take care...
...that his Administration could drift for months without major victories -- or, worse, be burdened with a mortifying setback. Already, the uplifting sermons have begun to sound repetitious and a trifle hollow. A budget concordat with Congress would, of course, provide the tonic that Bush craves, but the Oct. 15 Gramm-Rudman deadline all but ensures that serious negotiations will be delayed until late summer. In the interim, Bush should have more than enough time to grapple with that transcendent -- but still unanswered -- question: What precisely does he want to accomplish as President...