Word: persian
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...Reductions in a variety of spending programs, military and civilian, along with increased fees for many services would make up the lion's share of deficit reduction. Pentagon spending would fall a total of $67 billion during the first three years, not counting the cost of the Persian Gulf operation. Farm supports would shrink by $13 billion, civil service pensions by $8 billion, guaranteed student loans by $2 billion, assistance to veterans by $2.7 billion. Jobless workers would have to wait two weeks before receiving unemployment compensation...
...regular unleaded gasoline has climbed 27 cents a gal., to $1.35, since early August. At these price levels, the heating-oil bill for the average Northeast homeowner could rise 50% this winter, to an estimated $1,200. The most immediate threat is an outbreak of war in the Persian Gulf, which could send oil prices into the $50-per-bbl. range and trigger double- digit inflation...
...suggested that interest rates would be allowed to fall if the Administration and Congress can reach a credible deficit-cutting agreement, which would reduce the pressure of government borrowing on the credit markets. As a result, Wall Streeters have been keeping one eye on Washington and another on the Persian Gulf...
...developing: raise cigarette, gasoline and alcohol taxes, extract more revenue from the wealthy through income tax surcharges, cut domestic spending and defense. The sticking point was Bush's cherished plan to reduce the tax on capital gains. But the political temperature was rising, heated by the crisis in the Persian Gulf. The threat of war dimmed the prospects for taxes on stock-market trades or energy consumption. Rising oil prices and the specter of new inflation even moved opportunistic House Republicans led by Newt Gingrich to call for new tax cuts. "Everyone," Darman said in mid-August, "is looking...
...addition, two major developments of the 1970s--the 1973 OPEC embargo and the 1978 Camp David accord--paved the way for the recent crisis by shifting the bulk of power in the region away from Egypt to less developed states in the Persian Gulf region, Alnawrawi said...