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...includes 25 F-15 fighters, 36 Apache attack helicopters, 2,400 Maverick missiles and 235 M1A1 tanks. For American defense contractors, these sales promise an escape from the gloomy fate spelled out in the budget package adopted by Congress last fall, in which U.S. defense spending is slated to shrink 25% over the next five years...

Author: /time Magazine | Title: Armaments Choose Your Weapons | 3/18/1991 | See Source »

Using computerized graphs and charts, she projected a $4 million decline in aid to the city from the state government in the 1992 fiscal year. The cut would shrink the percentage of the city budget provided by the state from the 1988 level of 22 percent to 13.7 percent by 1992. The gap in income, Wolf said, must be filled by increased property taxes...

Author: By June Shih, | Title: Local Town Meeting Focuses on Schooling | 3/7/1991 | See Source »

...levels are fixed, there is little point in inflating revenue estimates through rosy economic assumptions. Moreover, the caps will force both parties to make spending decisions carefully. Democrats who want to spend more on, say, housing must carve the money from another program. This programmatic triage alone should help shrink the deficit. As Bush said in his State of the Union speech, "Future spending debates will mean a battle of ideas, not a bidding...

Author: /time Magazine | Title: Time For Tough Choices | 2/18/1991 | See Source »

While depositors kept their money, Bank of New England Corp. creditors and share-owners took a drubbing. Bondholders with a $706 million stake in the company saw their portfolios shrink to about $35 million, since the government now owned the firm's loans and most other assets. Owners of Bank of New England stock, which fell from $9 a share a year ago to about 50 cents a share just before the bankruptcy, saw their investments vanish. The losers included CBS president Laurence Tisch and his brother Preston, who held some 500,000 shares they acquired last year as part...

Author: /time Magazine | Title: Special Report: Crisis in Banking: Requium for a Heavyweight | 1/21/1991 | See Source »

...YORK was so flush in 1987 that it decided to cut state income taxes over four years. But when the economy began to shrink, Democratic Governor Mario Cuomo did not react fast enough. Facing a $1 billion deficit, the state legislature met in special session two weeks ago to adopt a package of cuts that nibbled at school spending and hospitals. When Cuomo took off for ^ Washington three days later to deliver a speech that warned about federal budget deficits, he may have hoped his troubles were over for a while. No such luck. On the same day Republican state...

Author: /time Magazine | Title: The State of the States: Broke | 12/31/1990 | See Source »

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