Word: gramm
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...make up the revenue loss. Failing that, some Democrats favor strategy to combine the capital-gains cut in a monster tax-and-spending bill with so many provisions unacceptable to Bush that he will be forced to veto it. That risks triggering the automatic spending cuts mandated by Gramm-Rudman-Hollings if there is no agreement by Oct. 16 to hold the deficit to $110 billion in the fiscal year that began Oct. 1. But those cuts could always be rescinded later. And if the budget deficit keeps rising? Don't think about it. The public, the President and Congress...
...year, $30 billion will be borrowed through bond sales and will be considered "off budget." It will not be counted as Government spending and will not exacerbate this year's federal deficit. The remaining $20 billion will be in the budget, but slipped in through a loophole in the Gramm-Rudman-Hollings law, so that the spending will not push the fiscal '89 deficit over the statutory limits and trigger automatic budget cuts. As a result, the '89 deficit will grow to about $168 billion, $30 billion over the target...
...issue of public policy on which many of their constituents have strong and irreconcilable opinions. This they hate to do and are skilled at avoiding, even though it is what they are paid for. They would far rather pass laws against burning the flag. But there is no Gramm-Rudman-style automatic chopping machinery that can resolve the abortion issue. Nor can abortion be finessed by handing it over to a commission of distinguished experts (although this ploy will undoubtedly be tried...
...increase the overall cost of the bailout plan by an estimated $5 billion. The House refused to go along with that sleight of hand and voted to include the $50 billion in the federal budget. But the House exempted the S & L spending from deficit limits set by the Gramm-Rudman-Holling s law. Bush hopes to keep the financing off-budget when the House and Senate bills are reconciled in a conference committee...
...Bush Administration and Congress to rein in a runaway budget deficit that helps keep interest rates high. White House and congressional leaders merely ducked the issue last month in a sleight-of-hand agreement that cut the 1990 deficit to about $100 billion to comply with the Gramm-Rudman law. But a recession could make a mockery of that rosy projection by swelling the red ink to as much as $175 billion. "Using monetary policy to slow the economy is a poor second-best solution," says David Rolley, a senior economist at the Wall Street firm of Drexel Burnham Lambert...