Word: gramm
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WASHINGTON--President Reagan and congressional leaders yesterday announced agreement on a two-year, $76 billion deficit-reduction plan designed to meet the goals of the Gramm-Rudman budget law and reassure jittery financial markets...
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...
...budget deficits through the $200 billion mark seems finally to be forcing some budget progress. The Administration agreed in 1985 to a freeze in the defense buildup, and that has held increases in military outlays below the level of inflation. During the same year, Congress passed the Gramm-Rudman deficit-reduction bill, designed to impose automatic spending reductions if the Administration and legislators failed to meet targets for cutbacks. But the Supreme Court found a crucial part of the law unconstitutional. By the time a revised version was passed in September, Congress had reduced the size of automatic cuts...
...does not force a quick resolution -- and one very well might -- the talks will be racing a deadline of sorts. If a budget compromise is not worked out and enacted by Nov. 20, some $23 billion of automatic spending cuts go into effect under a modified version of the Gramm-Rudman Act. They would slash away with idiot impartiality at defense and social spending, at good programs and bad. And that would just about end any chance that Washington would give the stock markets the signal they yearn...
...single fix will do the job. Nor are any of the remedies likely to be painless. But the Administration and Congress still have time to tailor a compromise on reducing the budget gap before the Nov. 20 deadline, when $23 billion in arbitrary cuts takes hold under the Gramm-Rudman law. Some reasonable proposals for boosting revenue, cutting spending and reducing the trade deficit...