Word: slashed
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Dates: during 1980-1989
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...Kevin White has already proposed a preliminary 1982 budget that is $74 million leaner than the current one of $369 million. White is calling for cuts of 25% in police and fire services and layoffs of 1,600 workers. Yet some experts contend that city officials will have to slash at least $118 million from next year's budget and lay off up to 5,000 municipal employees in order to offset the effects of Proposition...
...merely make federal spending lower than it otherwise would be, not lower than it is now; total spending will continue to grow because of inflation, however much the White House and Congress may hack and trim. Moreover, there is one gigantic exception to the Administration's cut-and-slash plans: military spending. Secretary of Defense Caspar Weinberger is likely to propose, and Reagan may well recommend, a fiscal 1982 defense budget of $220 billion, almost $24 billion above the figure Jimmy Carter had suggested and $55 billion more than the Pentagon's current budget. That would gobble...
...economic program: sharp cuts in personal and business taxes. In the President's view, taxes are holding back business growth and feeding inflation quite as much as the explosive growth of federal spending. In his TV speech, he reiterated his familiar pledge to recommend a 10% slash in income tax rates in each of the next three years, plus more generous depreciation allowances for business, and insisted that the reductions must not be held up to await the outcome of the congressional budget debate...
...Administration's fuzziest signals involved its continuing internal debate over foreign aid. David Stockman, Director of the Office of Management and Budget, has recommended that instead of increasing foreign aid to $8 billion, as proposed by Carter for the 1982 fiscal year, Reagan should slash it to $5.4 billion, about the same as it was in 1979. This strikes many experts as wholly out of step with the Administration's determination to make the U.S. a more forceful world power. In the conduct of foreign policy, economic aid can promote peace or security, as in the volatile Middle...
...founder and first Prime Minister, Peres got started in politics as a youth and by 1974 had risen to become Defense Minister. In a recent interview with TIME, Peres outlined his plan to deal with Israel's economic crisis. He said that his first priority would be to slash funds for settlements in the occupied Arab territories. Next he would try to obtain an agreement among labor, government and industry to freeze wages, salaries and taxes under a "social contract." He would reimpose tight currency controls and, in one of his most innovative programs, make it mandatory...