Word: slashe
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What is the alternative? Not to continue spending as before, acknowledged Democrat Gray. "We are going to have deficit reduction, and it is going to affect everybody," he remarked. At best, Reagan's opponents hope to slash the Pentagon budget enough so that reductions in civilian outlays will be less draconian than the President proposes. But those cuts would still be severe. And this year the Gramm-Rudman-Hollings Act, despite its murky status, ensures that the issue will not slide...
Nonetheless, the Saudis have already put oil producers and their lenders in a historic jam. The worst trouble spot will be Mexico, which last week felt compelled to slash the average price of its oil from $19.77 to $15.09. The country has foreign debts of $96 billion and says it needs $9 billion in new loans this year. M.I.T. Economist Lester Thurow warns that the austerity measures that Mexico has endured to pay interest on its debt could make it politically popular for the country's leadership to repudiate the loans. Said Thurow: "What better way for the Mexicans...
...biggest advantage of the New Memory plan is that King, Roosevelt and other dead advocates of social justice can't respond when the Reagan rhetoriticians paint them as the pilgrims of the New Right tactics of slash and burn government...
...head of a special committee on cost control, Peter Grace, chairman of W.R. Grace, made thousands of recommendations on how to slash the U.S. budget deficit. Since he delivered his report to President Reagan in January 1984, Grace has waged a personal crusade against the Government's spendthrift habits. His company recently hired Movie Director Ridley Scott (Alien, Blade Runner) to create a TV commercial that would alert viewers to the horrors of huge deficits. The result is The Deficit Trials, 2017 A.D., a futuristic fantasy that cost about $300,000 to produce. Set in a mammoth courtroom, it shows...
...opening gambit shows no give at all. The budget that he touts in his address to Congress and releases publicly on Wednesday is essentially a reiteration of his standard line. As he has done ever since he took office in 1981, Reagan will insist that it is possible to slash the deficit, increase defense spending (next year by 3% after inflation), and still not raise taxes. Using rosy economic forecasts to lowball the deficit, the White House would lop off the $40 billion or so mandated by Gramm-Rudman by making brutal cuts in domestic spending. Some federal programs, such...