Word: gramm
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Some Democrats have even tried to top the Republicans by worrying that the $23 billion deficit reduction required by the Gramm-Rudman-Hollings bill would not be adequate to restore Wall Street's confidence. Rep. Tony Coelho, a Democrat of California, has urged his colleagues to "talk about something real"--by which he means cutting $40 to $50 billion dollar from the deficit...
...that will have to be paid for later. Thus the longer the huge deficits go on, the greater the economic hangover that is likely to result when the fiscal pick-me-up is finally cut off. Last week the House and Senate passed a measure that would revive the Gramm-Rudman deficit-reduction law and stanch the federal red ink to a target of $144 billion during the 1988 fiscal year. Though President Reagan will sign the bill this week, he warned that he would fight tax hikes or deep cuts in defense spending...
...first big congressional showdown should come just before the August recess when three legislative issues may be resolved: an increase in the federal debt limit, the reconciliation of the authorizing bills with the budget committee's guidelines, and the need to redress problems in the Gramm- Rudman-Hollings Balanced Budget law. The Democrats will be at a particular disadvantage when they begin earmarking their tax increases: proposals for excise taxes on cigarettes, liquor or gasoline are sure to outrage various constituencies. Says South Carolina Senator Fritz Hollings: "I don't know how ^ we're going to get the Democrats together...
...ties to the U.S. This year American military aid was slashed to $2.4 million, less than half the 1986 level. While Guatemalans suspect that the reduction is Washington's way of showing its displeasure, U.S. officials deny that. Congressional sources say the decrease was merely the result of Gramm-Rudman budget cutting. Next month Cerezo will travel to Washington to meet with President Reagan...
Paul Palandjian recorded the first victory of the day with a 6-3, 6-3 triumph over Navy's Jamie Moore. The younger Palandjian was followed by Arkie Engle, who demolished Navy's Gramm Rogers, 6-2, 6-1 in the second singles...