Word: paring
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...budge an inch just yet. After last week's meeting with G.O.P. congressional leaders, one White House aide described the visitors' views on the chances of the President's budget being passed as "twofold: slim and none." In his continuing campaign to stir up proposals to pare the President's whopping deficits, Republican Senate Majority Leader Howard Baker himself suggested a temporary surtax of 5% to 10% on individual income taxes in 1982. The plan would net an estimated $37 billion and pay for the Administration's defense buildup, but would effectively cancel Reagan...
...Administration is pursuing what one aide calls a "strategy of patience." Indeed, Administration officials feel that the President's hand will be strengthened if Congress is unable to agree on a comprehensive alternative or if the economy picks up this spring. No matter what happens, pressure to pare down the 1983 deficit will increase by late April, when Congress will be forced to vote to raise the national debt ceiling. To win the support of his own party, the President will probably have to scale back substantially his deficit projections...
...economists were disappointed, and even a little shocked, by the President's "no retreat" budget message. They particularly questioned his refusal to recommend significant tax increases or to pare, even slightly, spending for Social Security and defense, the two largest budget programs. Taken at face value, Reagan's deficit projections are alarming enough: $91.5 billion in 1983, narrowing to $71.9 billion by 1985. Those figures assume, however, that economic growth will rebound vigorously this summer and that Congress in an election year will make further cutbacks in social programs like food stamps. Both assumptions, TIME's economists...
Bulging inventories frighten economists because the stockpiles have the unavoidable effect of creating a vicious circle of economic decline. As unsold goods build up, businessmen are forced to pare back production and lay off workers, and this in turn drives up unemployment, which currently stands at 8.4% of the labor force. As jobless lines lengthen, consumer spending shrinks, and this in turn causes inventories of unsold goods to grow even more. Said Alan Greenspan of the Townsend-Greenspan economic consulting firm: "Involuntary inventory accumulation by business will be an absolutely critical piece of evidence in gauging the severity...
...dairy lobby, which, according to Common Cause, a consumer lobby, dispensed more than $1 million in contributions in the past two elections to the Congressmen who voted its way, outmaneuvered Administration supporters in the House. Vermont Republican James Jeffords countered a bipartisan proposal to pare dairy supports to the Senate levels by offering an amendment that would increase subsidies by $2.5 billion over four years. As battle lines were being drawn, Iowa Democrat Berkley Bedell introduced a "compromise" proposal, backed by the dairy industry, that would raise supports by only $400 million over the Senate version. His plan...