Word: majored
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Dates: during 1980-1989
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Buried within the Bush budget is an odd change in policy: the President seems committed to reversing tax reform, the major legislative triumph of Reagan's second term. A reduction in capital-gains levies would erode the reform principle that earned and unearned income should be taxed equally. Bush also retains an unmistakable affection for the kind of special-interest tax breaks that the 1986 legislation was designed to curtail. The President has quietly asked Congress for $2.7 billion annual tax reductions for business, including $400 million for oilmen, who include some of Bush's most faithful supporters. In comparison...
...Hemmed in as he is, the risk for Bush is that his Administration could drift for months without major victories -- or, worse, be burdened with a mortifying setback. Already, the uplifting sermons have begun to sound repetitious and a trifle hollow. A budget concordat with Congress would, of course, provide the tonic that Bush craves, but the Oct. 15 Gramm-Rudman deadline all but ensures that serious negotiations will be delayed until late summer. In the interim, Bush should have more than enough time to grapple with that transcendent -- but still unanswered -- question: What precisely does he want to accomplish...
...financial mess. Devastated by a legacy of bad management, rampant fraud and inept Government supervision, more than 500 of the 3,150 federally insured thrifts had fallen into insolvency as of the beginning of last year. Because the U.S. failed to own up to the problem and launch a major rescue soon enough, the cost has now grown higher than almost anyone had imagined. Says Michigan Democrat Donald Riegle, chairman of the Senate Banking Committee: "We've never faced a problem of this scale. The answers aren't going to be happy ones...
...budget speech on Thursday night, Bush called on Congress to approve his proposal within 45 days. "We must not let this situation fester," he said. "Any plan to refinance the system must be accompanied by major reform." For the most part, his proposal found bipartisan support. Said Iowa Republican Jim Leach, a member of the House Banking Committee: "In his first inning, Bush has stepped up and hit a home run." Another member of the committee, New York Democrat Charles Schumer, said that Bush deserves "a heck of a lot of credit for bellying up to the bar and putting...
...once pristine shores of the Antarctic Peninsula and nearby islands, a vast oil slick has become a tide of death. The spreading film has killed thousands of krill, the tiny shrimplike crustaceans that are a major food source for fish, birds and whales. Oil-soaked penguins are in danger of freezing to death, and nearly all of the skua chicks have died...