Word: inked
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Dates: during 1980-1989
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...President's call for an overall freeze on total domestic spending (mostly by cutting some programs and postponing pay increases for federal workers and cost of living adjustments in entitlement programs) seemed to most Congressmen a feeble bulwark against the sea of red ink. Senate Republicans had suggested a freeze on all federal spending as a "bold" way to control the budget, but when Reagan exempted defense and other programs the plan lost both its simplicity and its moral force. "In order to get a freeze, we have to be fair about it," said G.O.P. Congressman Denny Smith...
...hammerlock on this monster known as the federal budget." It is too late now to do anything much about fiscal 1983, but White House aides hope to propose a budget lowering the fiscal 1984 deficit to $188 billion. By their figuring, that would be $47 billion less red ink than could be expected if all federal programs were to continue unchanged. (Both numbers were calculated at the end of last week and could be revised further...
...surcharge on individual income taxes that would not go into effect until Oct. 1, 1985, and then only if the deficit in the fiscal year that begins on that date seems likely to exceed 2% of G.N.P. That would work out to around $100 billion of red ink a year. The President's hope is that spending cuts and economic recovery will make the increase unnecessary. But, says one high official, the stand-by proposal "has the double advantage of not raising taxes now that would hinder economic recovery and showing the capital markets that something will be done...
...goes to Congress on Jan. 31 seem likely to meet a modest but all-important goal: enabling Ronald Reagan to present a set of deficit projections for fiscal 1984 and later years that will serve as a starting point for a serious effort to stem the tide of red ink before it drowns prospects for a lasting economic recovery...
...controlled Senate visited the White House for breakfast with Ronald Reagan. Finance Committee Chairman Robert Dole of Kansas summarized their message: "We told the President that we could not live with those big deficits." Paul Laxalt of Nevada, Reagan's closest friend on Capitol Hill, described the red-ink figure to reporters as "a little terrifying...