Word: inkly
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That issue, without question, is the ocean of red ink. The Office of Management and Budget has compiled figures indicating that without further cuts in spending or increases in taxes, the deficit might soar to $175 billion in fiscal 1984 and $220 billion in fiscal 1989. Deficits of anything close to that scale would force enough Government borrowing to kick up interest rates again, cutting short a recovery or preventing it from ever getting started, unless the Federal Reserve poured out enough new money to risk firing up inflation once more...
Although board members were generally relieved that Congress had dented the federal budget deficit a bit by adopting a threeyear, $98.6 billion package of tax increases in mid-August, budgetary red ink remains a key concern. Alice Rivlin, director of the Congressional Budget Office, said that analyses done by her staff show a deficit climbing to $155 billion by next year and staying at about that level until 1985. This compares with an earlier forecast indicating that if no action were taken by Congress, the deficit would increase to more than $230 billion...
...unusual as the amount of ink spilled over the boycott is the tone of most of this editorial commentary. Below are selected excerpts that convey both the style and substance of reaction to the boycott...
Even as the ink was drying on the "Framework for Peace" that was part of the Camp David accords, euphoria over the breakthrough was being tempered by disagreements over precisely what was, and was not, included. The document's strength was also the root of its weakness: the artful use of constructive ambiguity allowed each signatory to proclaim agreement while holding different interpretations of what the words really mean. In some instances, those diverging views are spelled out in letters that accompany the text signed by Israeli Prime Minister Menachem Begin, Egyptian President Anwar Sadat and President Jimmy Carter...
...program that over three years would cut spending by $119.6 billion and reduce taxes by $266 billion. But these elements, when added to a budget that was already out of balance, led to projections of record deficits exceeding $150 billion a year. Most economists feel this tide of red ink is largely to blame for the lingering high interest rates. One reason is that financing the federal debt threatens to soak up much of the available investment capital. Another is that the fiscal irresponsibility suggests that the notable progress made in cutting inflation is only temporary. The high interest rates...