Word: slash
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Dates: during 1990-1999
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Excess debt inspires many firms to put some of their assets on the block. Unocal, the Los Angeles-based oil company, has been able to slash one-third of its $6 billion debt by selling coal mines, refineries and even its headquarters. But these sell-offs become less attractive as too many companies rush to unload assets. With so much merchandise on the block, prices have been depressed. Harcourt Brace Jovanovich, which incurred heavy debts fighting off a takeover bid, sold its Sea World theme parks last year for $1.1 billion, about $400 million less than many analysts expected...
Moving to the national stage as Vermont's only Congressman, Sanders said he will oppose any offensive U.S. military operation in the Persian Gulf and will call for a five-year, 50% slash in defense spending. His soak-the-rich tax ideas will be welcomed by many Democrats. The apparent message from Vermont: let's shake things up in Washington...
Politicians often shoot themselves in the foot, but rarely do they slash their own pocketbooks. Yet New York City Mayor David Dinkins has decided to do just that in the face of a projected $1.7 billion municipal budget gap for this fiscal year and next. Last week Hizzoner imposed a 5% pay cut on himself and 700 city managerial officials who earn at least $70,000 a year. Dinkins, who currently makes $130,000, will thus lose about $6,500 in salary...
WASHINGTON--Budget negotiators all but reached final agreement yesterday on a long-sought plan to slash the federal deficit by boosting taxes on the wealthy, raising levies on gasoline and increasing costs for Medicare recipients...
...controversial proposal to slash state taxes by rolling them back to their 1988 levels could conceivably increase the overall tax burden on Cambridge residents, City Manager Robert W. Healy told the City Council last night...