Word: gramm
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...progress but stopped short of holding the summiteers in Washington during the August recess to complete the job. Now, with the threat of a recession heightened by a leap in oil prices triggered by the Persian Gulf crisis, Bush and Congress have only 20 legislative days left before the Gramm-Rudman-Hollings deadline falls. If no agreement can be reached on paring the deficit to $64 billion by Oct. 1, across-the-board spending cuts -- the so-called sequester -- will go into effect, closing airports, canceling children's vaccinations and forcing federal prisons to furlough hundreds of inmates. Although...
...bipartisan budget summit involving congressional negotiators and White House aides resumed just two days after the California vote. But the summiteers are far from reaching an agreement on a mix of spending cuts and new revenues that will hold the 1991 deficit to the $64 billion mandated by the Gramm-Rudman- Hollings law. They are even talking of putting off a budget agreement -- and the announcement of new "revenue enhancements" that it might entail -- until a lame-duck session of Congress begins, conveniently, after the November elections. "The tough choices have been avoided for ten years," laments California Democrat Leon...
...wily Budget Director, Richard Darman, have a second agenda. Now that they have convened a budget summit with congressional Democrats, the White House would prefer to remove the rising bill for thrift closures from the deficit talks to make it easier for both sides to reach the elusive Gramm- Rudman targets. A speedy budget deal, Darman believes, will lower interest rates and keep the economy growing. But other participants, notably Democratic Congressman Charles Schumer of New York, say that moving the thrift bailout off budget -- instead of paying for it out of current revenue -- is dishonest because it will only...
...slowdown is already undermining the credibility of the Bush Administration's first full-fledged budget, which calls for expenditures of $1.23 trillion in fiscal 1991. Budget Director Richard Darman was able to squeeze under the Gramm-Rudman-Hollings deficit target of $64 billion but only by using assumptions that call for a quick rebound in economic growth, coupled with a rapid descent of interest rates. Many economists view that combination as highly implausible. While the Administration predicts economic growth of 2.6% in 1990 and 3.3% in 1991, the blue-chip survey of 51 economists puts the figures...
Merkowitz, who calls the student aid portion of the budget "very disappointing," says much of the increase in funds in Pell Grants will go toward covering last year's shortfalls in this program. Funding for Pell Grants was slashed when the automatic spending cuts mandated by the Gramm-Rudman-Hollings Act came into effect after the budget did not reach its deficit-reduction goals...