Word: slashings
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That characteristically blunt comment sums up the Reagan Administration's side of an intensifying national debate about the President's plans to slash federal spending and taxes. As the draconian nature of the program has begun to sink in around the country, newspaper stories, TV shows and liberal critics in and out of Congress increasingly have portrayed the program as one that redistributes income from poor to rich-specifically by reducing benefits the needy have come to rely on while reserving the program's greatest tax savings for the already well-off. Implicit in much of this...
...what seemed a mystifying code. Aides chalked the figures on blackboards, erased them almost instantly, then chalked new ones. A horse-betting parlor? Commodities trading pit? No, the meeting room of the Senate Budget Committee, which last week gave a flying start to Ronald Reagan's plan to slash federal spending...
...Though the President calculated that his proposals would slash spending by $48.6 billion, the committee staff estimated the actual reduction at $42.9 billion. Of that, $8.8 billion is to be saved by administrative actions, leaving $34.1 billion, by committee arithmetic, that Congress is being asked to chop...
...spending by consolidating and trimming a variety of additional youth-employment programs. Reagan had earlier recommended reducing the number of new or rehabilitated federally subsidized housing units from the 260,000 recommended for fiscal 1982 by Jimmy Carter to 225,000; last week the White House proposed a further slash...
That urgency seems undercut, however, by some Administration proposals. As part of its budget reductions, the White House wants to slash $600 million out of the $5 billion lending authority for the Export-Import Bank, which provides low-interest loans to foreign buyers of U.S. goods. Such credits are often a key factor in determining which company will win an export contract. Countries like France and Japan offer attractive loans if a foreign company agrees to buy their products. American firms may now be at a disadvantage in competing with those exporters...