Word: gramm
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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...
...resurgent economy has only begun to replenish the depleted treasury. Aquino's attempts to run an efficient government and an effective war against the N.P.A. are hampered by a lack of funds. An expected surge in U.S. aid has turned out to be a mere trickle. Because of the Gramm- Rudman budget-balancing law, the State Department has had to scale down its 1988 request for economic and military assistance to the Philippines from $471.8 million in 1987 to $267.3 million. Egypt and Israel alone account for 40% of all U.S. foreign aid, while the Philippines -- site...
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...