Word: parings
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Those shocks will be mild compared with the ones that will follow when the Administration presents its budget proposal for fiscal 1987, which begins next October. That document, due in February, will have to pare planned spending by more than $50 billion to comply with Gramm-Rudman, and leaks and protests are already flowing copiously from dismayed officials and special-interest groups. Since Reagan hopes to protect defense spending, his proposals will focus on domestic programs. Among probable goals: total elimination of the Small Business Administration and Job Corps, sale of the Federal Housing Administration and certain federally operated power...
...Patrick's Day came a bit early on Capitol Hill last week. In the midst of Congress's struggle to pare the federal budget and close the gaping deficit, the House agreed by voice vote to send $250 million over the next five years to Northern Ireland. The money will go into an international economic-support fund established under an Anglo-Irish agreement signed last year by British Prime Minister Margaret Thatcher and her Irish counterpart Garret Fitz-Gerald to give Catholics more of a voice in the affairs of Northern Ireland. The aid proposal allied two politicians who share...
...positions were eliminated and 74 employees were dismissed. The cutbacks followed CBS's decision in August not to renew the contract of Supreme Court Correspondent Fred Graham, who reportedly earned $250,000 a year. The reductions, which affected 10% of the 1,250-member staff, were designed to help pare $6 million from the division's estimated $225 million budget. Though the savings were part of a company-wide austerity program put into effect after CBS bought back 21% of its own stock for nearly $1 billion last summer, some news personnel felt that Sauter and Joyce should have fought...
...controls in late 2001. Now "it's the only European flag carrier making money on short-haul" regional flights, points out Joe Gill, research director at Goodbody Stockbrokers in Dublin. Walsh clipped Aer Lingus' staff numbers by about a third and trimmed costs, part of a "culture to pare everything down to the bone," says Gill. But the ex-pilot failed to push through further job cuts before his departure in January. And rising fuel costs and chronic staff troubles could make it hard to get similar steps at BA off the ground. - By Adam Smith Trading Flaws Frankfurt...
...creating more disposable income than they are," Snow said last month. "We need Europe to be more of an engine of growth, and we need Japan to be more of an engine of growth." But TIME's experts aren't convinced. They expect Bush will have to pare spending regardless of how strong the economy grows. Already there are signs that momentum may be slowing: the estimated 3.1% annualized growth rate posted in the U.S. in the fourth quarter is the weakest in two years. Naím even predicts a battle in Washington between fiscal conservatives, who advocate a hands...