Word: pechman
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...Pechman warned that the real peril of the Reagan program is that it could fuel inflation. He estimated that the continuation of Government services at their current level and the large boost in defense spending that Reagan wants will generate a federal budget deficit of $50 billion in the fiscal year that starts in October. The President's proposed personal and business tax cuts would increase the deficit by another $40 billion, leaving a daunting Government shortfall of $90 billion. Even if Reagan succeeded in persuading Congress to cut $50 billion in expenditures, the deficit would still...
Much will depend on whether the new Administration is able to deliver on its promise of deep cuts in federal spending. Board Member Joseph Pechman, a Democratic tax expert with Washington's Brookings Institution, warned that the job will not be easy. Said he: "We have an extremely recalcitrant budget, and the new Administration is going to have a very difficult time trying...
...Pechman estimated that federal spending will be $660 billion in the 1981 fiscal year that began in October. Given the current level of taxation and continued weakness in the economy, that will mean a budget deficit of about $60 billion before any Reagan tax cut. If tax reductions are enacted, the deficit could easily go to perhaps $75 billion. Much of the increase will come from so-called uncontrollable budget categories such as interest on the national debt, unemployment compensation insurance and welfare payments...
According to Pechman, proposals to cut such programs are likely to prove politically unpalatable to Congress, which will have to revise existing legislation to bring about reductions. For years Presidents have annually proposed budget cuts to Congress, but these are just as regularly rejected after effective counteraction by special-interest groups...
...process, the deficit for the 1981 fiscal year that began in October could all too easily wind up swelling to $55 billion or even $60 billion instead of the $50 billion that is now projected, or the $27 billion that Rea gan is shooting for. Says Fiscal Expert Joseph Pechman of the liberal Brookings Institution in Washington: "The Reagan people are not in power yet, but they should understand that the budget has real effects on the economy...