Word: gramm
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...slap a similar luxury tax on almost all yachts alarmed boat builders all the way from Maine to Texas. So they turned to many coastal-state legislators, including such congressional powers as Senate Democratic leader George Mitchell, top, and Texas' two Senators, Democrat Lloyd Bentsen, left, % and Republican Phil Gramm, for assistance. The pressure on the lawmakers was highly effective; the additional tax will apply only to yachts with price tags higher than...
Given the threat of recession, a mouse is all that could have been hoped for. Any attempt to cut the deficit to $64 billion, as the Gramm-Rudman- Hollings law requires, would have sent the economy into a tailspin. The $40 billion in deficit reduction the plan is supposed to achieve this year -- half from spending cuts and half from tax increases -- amounts to 0.5% of the nation's total output of goods and services. Once the costs of the S&L bailout and the Persian Gulf mission are factored in, the real reduction for 1991 will probably be closer...
...nose dive, dragging corporate profits and federal tax receipts down too. In mid-June Darman boosted his 1991 deficit estimate to $159 billion, up from $138 billion just a month before. Unless a plan for cutting almost $100 billion could be produced by Oct. 1, spending cuts required by Gramm-Rudman would force the layoff of thousands of government workers. Within days, Administration officials began to utter dire predictions. It was the perfect opportunity for a sudden conversion, and Bush took...
Ideas like these win applause from think-tank experts but have failed to arouse much enthusiasm on Capitol Hill. The real problem is not with the budgetmaking process but with those who are in charge of it. The Gramm-Rudman- Hollings law was billed as the magic bullet that would blow away both the deficit ogre and the obstacles to orderly action. Gramm-Rudman has proved to be a dud. Overhauling the machinery yet again would help only if its operators were able to muster the will to run it properly. But if they could manage that, no overhaul would...
...great power abroad" -- a potent argument at a time when 100,000 U.S. soldiers are in harm's way in Saudi Arabia. If the negotiations stopped, Bush said, he would demand a decisive vote by Sept. 28 on a comprehensive Administration package. If that failed, he warned, the Gramm-Rudman sequester would ravage public services...