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Total federal spending in the fiscal year starting Oct. 1 will grow to $615.8 billion, while the deficit is conservatively estimated at $15.8 billion. The red ink could go much higher. Spending for the 1980 budget, for example, is now projected to be $32 billion beyond the $532 billion set last January. Although Carter officials call the budget "tight and responsible," one White House aide quipped during the planning: "The word is out that the President would like to win the election...
...million Lockheed loan guarantee of 1971, is designed to save from bankruptcy the nation's third largest automaker and tenth ranking manufacturer (1978 sales: $13.6 billion). With Chrysler's losses mounting daily, its 1979 deficit is almost sure to exceed $1 billion, the gaudiest splash of red ink in U.S. corporate history...
What mainly had changed was that Hannon and his aides had just been accused of multimillion-dollar mismanagement. By Byrne's estimate, Hannon's administration had allowed the school's red ink to soar to $500 million, while claiming the deficit stood no higher than $43 million. "They sat there and lied to me," said Byrne, recalling a recent upbeat discussion of school finances with Hannon and his aides. "I don't think anybody with half a brain can mistake the difference between $43 million and $500 million." That was a puzzling claim, since Byrne herself...
...fashion industry has flourished for decades by staying ahead, periodically changing styles to shorten hems or narrow lapels. But Detroit's automakers are sinking knee-deep into red ink, as energy-conscious buyers increasingly switch their taste in cars to lighter, fuel-efficient models. Surprised by the speed of that change, manufacturers cannot turn out enough small autos to satisfy public demand, while outmoded big cars gather dust in dealer back lots. As a result, in the first ten days of November, Big Three sales plummeted 26% from last year's levels...
Government help of some sort is plainly needed if banks are to be persuaded to continue to finance Chrysler. Despite five profitable years, the company has run up a net loss in the 1970s of $100 million, and more than half the red ink has come this year alone. So far the 1979 deficit totals $722 million, and the full-year loss could easily top $1 billion, an all-time record for U.S. industry...