Word: sequesterment
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Once upon a time, the nation's leaders tried to exorcise the deficit devil with a frightful fairy tale: if they couldn't find the wisdom and courage to reduce spending and raise revenue themselves, a crude wrecking ball would knock many billions from government programs. The threat of an...
The time for statesmanship has come. This week the talks will resume in the less than luxurious setting of Andrews Air Force Base, outside Washington. Away from the press and lobbyists, White House and congressional leaders will attempt to fashion an agreement before the Oct. 1 deadline set by the...
-- Amending the Gramm-Rudman-Hollings targets. Cutting the deficit to $64 billion as the law mandates would require either the sequester or a combination of spending cuts and new taxes equal to 2% of the gross national product. Since the economy is faltering, either choice would deepen a recession. Now...
The President declared himself "frustrated" by the lack of progress but stopped short of holding the summiteers in Washington during the August recess to complete the job. Now, with the threat of a recession heightened by a leap in oil prices triggered by the Persian Gulf crisis, Bush and Congress...
As usual, the Democrats are divided. Senate majority leader George Mitchell, flanked by budget committee chairman Jim Sasser, favors a risky wait-'em-out approach, calculating that the nearer the dreaded sequester comes, the more malleable Bush will be. So far, Mitchell has prevailed over House Speaker Tom Foley, majority...