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...those monstrous deficits will be paid off. Neither candidate has risked specifying all the budget cuts he would propose. When it comes to raising revenues, Reagan is sticking to the supply-side idea that, as the economy grows, tax collections will increase enough to stanch much of the red ink. Mondale believes that the go-go economic expansion is being bought with excessive Government debt that will drive up interest rates and, sooner or later, taxes...
Perhaps the truest identification, however, would be the "Economic and Political Damage Control Act." Economically, the bill is supposed to slow the tide of red ink, before the pressure of that tide pushes interest rates to heights that could damage the nation's robust economic growth. Politically, the bill will enable both Reagan and his Democratic opponents to claim that they took the first, indispensable, though concededly inadequate, steps to control deficits, while still deferring any really painful decisions on taxes and spending until after this year's elections...
Government borrowing must increase because under most projections the deficit will continue to go up. Recalculating the figures after last week's tax changes and spending cuts, and assuming a roughly halfway compromise on military outlays, congressional budgeteers now predict $174.2 billion of red ink in fiscal 1984, which ends Sept. 30. That would swell during each of the following three fiscal years, to $201.2 billion in 1987. How then can anyone talk about deficit "reduction"? Only by calculating that if nothing were done, the gap would yawn even wider, to $269 billion three years from...
...White House, that "he is one of us." Walter Mondale, on the other hand, is one of them: the Washington bureaucrats, the lobbyists, the big spenders in Congress, who have-at least in the world according to Reagan-ensnarled the nation in red tape and drowned it in red ink...
...first half of 1983 jumped to $239 million, 3½ times as high as in the same period in 1982. But since then the bull has been hit by lances from all sides. In the fourth quarter of 1983, Merrill Lynch poured out $42 million in red ink...