Word: ink
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...Giaimo's side were some powerful allies, including an inflation-minded President who had threatened to veto any new programs that would make the budget deficit higher than $60 billion (the House resolution forecasts red ink of $57.9 billion) and many voters who oppose increasing the federal deficit. This same anti-inflation spirit turned House Republicans into a formidable force, even though they are outnumbered by Democrats, 288 seats to 147. In contrast to Senate Republicans, who let their budget resolution breeze through unchallenged last month, House Republicans set out to cut about $20 billion from the Democrats...
...Amid red ink, a big whammo that will hurt everyone
...economy out of a recession. Fair enough, but as the U.S. enters the fourth year of recovery, deficit spending is reaching tidal wave proportions. The deficit called for in Jimmy Carter's budget for fiscal 1979 is $60.6 billion, and it promises to keep the flood of red ink cresting at least through 1980 and probably much longer...
...harsh winter and lower than expected new-car sales early this year hurt all of Detroit's automakers, but none more than Chrysler, which once again is awash in red ink. Last week, his newly styled hair showing more gray than usual, Chairman John Riccardo announced his company's biggest first-quarter loss in its history: $119.8 million...
...Pledged to hold the federal deficit for fiscal 1979 to the $61 billion he has budgeted ("as large as we can afford") and to veto any bills that threaten a deeper bath in red ink. He warned that bills now being seriously considered by congressional committees might push the deficit $9 billion to $13 billion above target...