Word: gramm
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This will inevitably force some real cuts in the Pentagon budget, which has grown by an average of 8% since 1981, and could possibly endanger the President's effort to rebuild the nation's defenses. Because certain previously signed weapons contracts are protected from the Gramm-Rudman cuts, the burden will fall precisely where it will do the most harm to the military's readiness to fight: funds for operations, manpower, maintenance, training and supplies. Warns House Armed Services Committee Chairman Les Aspin, with perhaps a touch of hyperbole: "What you're seeing is a defense budget going down...
...stock surge was in part the product of encouraging economic signs: falling interest rates, low inflation, sagging oil prices, a declining dollar that will help reduce the U.S. trade deficit, and enactment of the Gramm-Rudman law to slash the federal budget deficit. The market was also driven by merger fever, as opportunistic investors pushed up the prices of companies thought to be takeover targets...
...Gramm-Rudman Balanced Budget and Emergency Deficit Reduction Control Act is the best thing to happen in America since the Democrats started spending their way into office [NATION, Dec. 23]. There is no sane alternative. The country was headed for total bankruptcy. In five years, when the budget is balanced, the free-enterprise machine will take off like a rocket. James A. Worrell Oklahoma City...
...about the future is perhaps trying to distinguish himself from old-line, constituency-centered liberalism, what Kevin Phillips contemptuously calls "reactionary liberalism." That might have served some purpose in 1984. But what is the point now? Carter and Mondale are no more. Kennedy is gone, and even he supports Gramm-Rudman. We are all--Biden, Bradley, Babbitt, Gephardt and Robb--neoliberals now. There are no paleoliberals left, unless Mario Cuomo's principled disinclination to issue ostentatious rejections of the "past" tempts some to make the charge...
...Both its grand vision and many of its specifics are clearly designed to win Moscow public support in Western Europe and around the world while allow in to retain certain strategic advantages. The plan has a Grammsky-Rudsky appeal, decreeing a timetable for eliminating nuclear weapons the way the Gramm-Rudman Act has decreed a timetable for eliminating the U.S. budget deficit. As with Gramm-Rudman, the cuts proposed by Gorbachev seem to have an easy and automatic simplicity, but the plan ignores the hard and complex choices that will have to be made down the road to preserve...