Word: grammes
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...chairman of the Senate Budget Committee, Domenici has had the thankless task of trying to work out a compromise on the fiscal-1987 budget that might satisfy lawmakers and the President while meeting the $144 billion deficit ceiling set by the Gramm-Rudman-Hollings law. It was enough to drive the Senator, a reformed chain smoker, back to bumming cigarettes from the Capitol doorkeepers. Near the end of a week of feverish bargaining, Domenici stepped out of a conference with Majority Leader Bob Dole and was asked, "What do you think?" He replied, "I think this is a crazy place...
...missed the April 15 deadline for passing a budget resolution for fiscal 1987. While President Reagan refused to compromise on the unpopular budget he proposed last February, Congress continued squabbling over the mix of domestic and military spending and whether to raise taxes, ignoring the timetable, set by the Gramm-Rudman Act, which it considered so urgent last year. Shrugged House Speaker Tip O'Neill: "We miss all kinds of deadlines around here...
...reportedly told city councilors last winter that the University is facing a potentially massive financial squeeze due to budget cuts in the Gramm-Rudman deficit reduction act. John Shattuck, Harvard's vice president for government and public affairs, calls Gramm-Rudman reductions "a large cloud hanging over the financing of higher education." And "in that context," the University official says, "it would be increasingly difficult for Harvard to raise money for...things it would otherwise like to fund...
Unpopular tax increases and painful spending cuts are the distasteful alternatives that Congress faces in reducing next year's federal budget deficit to the $144 billion limit required by the Gramm-Rudman measure. But now a growing number of lawmakers are talking about including a third, relatively painless remedy: a onetime federal tax amnesty that would allow past evaders to clear their slates--and at least part of Uncle Sam's--in a single stroke...
...initial Gramm-Rudmann funding cuts wentinto effect March 1, but universities areuncertain about the precise effects of the lawfollowing a federal court ruling that struck downthe automatic deficit-reduction process asunconstitutional. The Supreme Court is currentlyreviewing...