Word: omb
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Dates: during 1970-1979
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...some of those with Ford in California, there was work as well as play. Chief Speechwriter Robert Hartmann began preparing Ford's final State of the Union message; Alan Greenspan, chairman of the Council of Economic Advisers, labored over the annual economic report. Back in Washington, OMB Director James Lynn was putting in twelve-to 14-hour days on budget options for Ford...
...been spent. Baffled by the shortfall, Office of Management and Budget officials double-checked their figures and found that $2.5 billion of it was due mainly to accounting quirks That still left $9 billion in unused money and provided ammunition for Columnist Art Buchwald. Plotkin, his fictional, frazzled OMB bureaucrat, worries about how to get rid of the excess money and asks, "Have you ever tried to spend a billion dollars in two months...
...OMB's figures came at an inappropriate time for an election-conscious Ford Administration. During the past nine months, the budget was providing less of a push to the economy than the White House had intended. The shortfall probably was one reason for the pause in the U.S. economic recovery Explains one Washington economist:"We are worried about this pause, and we get more worried every day. This shortfall is just one more worry " It is sure to strengthen the hand of liberal economists who believe Congress should act early next year to give the economy another boost, probably...
...pleased with the prospect and cautions that a "very bad fiscal-policy decision" could cause the economy to overheat and drive up inflation. Just how much new spending will be touched off by the unused $9 billion remains to be seen. One guess: not much. Deputy OMB Director Paul O'Neill doubts that there will be any "bubble effect" and predicts that overall spending for the current fiscal year, which ends next Sept 30, will be no higher than the $413 billion Congress has agreed to. Advisers to Democrat Jimmy Carter think that will not be enough to counteract...
...policies of the Nixon Administration to stay on in that job. He will be replaced, in fact, by another Nixon appointee, James Lynn, 47, Secretary of Housing and Urban Development. Despite his Nixonian background, Lynn has impressed friend and foe alike with his administrative ability and political know-how. OMB will return to its less grandiose role of monitoring the budget flaws...