Word: gramm
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Dates: during 1980-1989
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These constraints, say experts like Susan Irving, a Kennedy School of Government lecturer, mean Bush must cut other programs drastically if he wants to meet the balanced budget goals required by the 1985 Gramm-Rudman-Hollings...
...trillion budget that President Reagan sent to Congress last week presages the coming battle by pointedly rejecting the need to increase any taxes to cut the projected 1990 deficit of $127 billion to the $100 billion required by the Gramm-Rudman law. Instead, the Reagan budget proposes to accomplish that in part by eliminating 82 federal programs, all of which Congress has defended in past budgets. While Democrats dismissed the Reagan document as "irrelevant," since President-elect Bush plans to submit a revised version by Feb. 20, the incoming Administration is unlikely to embrace a tax increase until it becomes...
...showdown will probably come next summer when Congress and the Administration decide how to meet the $100 billion Gramm-Rudman deficit ceiling. After an extended bout of recrimination and finger pointing, both sides will have to agree to raise taxes or cut some $30 billion to $40 billion from cherished defense and social programs. "It's fairly likely that a modest increase in the gasoline tax will be included" in whatever package emerges, says California's Beilenson. "You've got to have something that's wrapped up with a solution for a bigger problem to provide political cover." If that...
...Bush, against his rivals in the Democratic- controlled Congress. Each side is intent on holding the other responsible for the painful and unpopular combination of program cuts and new revenues that will be needed to reduce the projected deficit of $127 billion to the $100 billion mandated under the Gramm-Rudman deficit-reduction law. In a ritual game of budgetary chicken, neither side wants to offer the first specific ideas for cuts. Says a senior Bush transition official: "Cutting people's pet programs is a terribly negative way to start your Administration. We plan to postpone that as long...
...year until 1995, an uncertain amount in 1996 to finish the job and a projected $270 million a year in operating funds thereafter. At a time when deficit and budget reduction will become ever more important, that kind of spending will take every bit of clout Bush, Bentsen, Gramm, Wright and their fellow Texans can muster...