Word: omb
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Dates: during 1970-1979
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...cost overruns amounting to $547 million. Last week a congressional hearing made the point that Ash had gone to the Pentagon in June to ask for a bail-out similar to Lockheed's Government-guaranteed loan. Ash argues that contracts are handled by the Navy, not by the OMB Director, but any contracts as big as Litton's are bound to affect the budget. If a proposal came up to bail out Litton, Ash would find himself in an untenable position, especially since Nixon has given him so much power over the Executive Branch...
Caspar W. Weinberger '38, director of the White House Office of Management and Budget (OMB), told Business School students, "We have to trim $10 billion from the $260 billion budget proposed by the Senate...
...Federal budget, drafted by OMB, forms 20 per cent of the gross national product, However, Weinberger stressed that governmental control of the economy is limited, as only $40 billion of the budget (30 per cent) is subject to administrative decision...
...knowing the spending plans of every federal agency have defended their estimates. Seated across from them-and grilling them-have been their bosses, the top officials of the Office of Management and Budget, headed by Caspar Weinberger, who is known in Washington these days as "Cap the Knife." The OMB's annual item-by-item budget review has been a genuine suspense episode because President Nixon has demanded that the columns for the current fiscal year add up to no more than $250 billion. That can be achieved only by lopping about $1 billion a month off outlays between...
...witness table at the Joint Economic Committee hearing, he would have seen a squat, tousle-haired economist who is partly responsible for reinforcing the Nixonian optimism. Arthur Laffer, 30, an associate professor on leave from the University of Chicago to serve as the OMB economist, has been in Washington for only three months. Few but Shultz seem convinced that Laffer's analytic methods are correct, but the academician's ideas have nonetheless provided Shultz with a basis to defend the Administration's forecast against doubts voiced by the Council of Economic Advisers...