Word: spigots
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Dates: during 1970-1979
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...intentions in trying to hold down federal spending or seeking peace in Viet Nam in his own way, his actions represent, among other things, a serious challenge to Congress as an institution. In Viet Nam, he has mined harbors and turned the massive bombing on and off like a spigot with no advance consultation with Congress and with explanation, if at all, only after the fact. He has vetoed congressional appropriations, which is his right. But he has also ignored Congress when it over rode his veto, refusing to spend the money appropriated-which is not his clear right...
...switch ended what monetarist economists had found a cliffhanging suspense story. Early in 1971 the Federal Reserve pumped money into the economy at a stunning pace, but around midyear it almost turned off the spigot; the money supply in the last half of last year grew only very slowly. Monetarists consider the money supply the most important influence on the economy, and they feared that a continuation of the summer-fall Federal Reserve tightness would cripple any chance for a strong advance in 1972. In their view, the board's shift came in the nick of time-or perhaps...
...Chairman William M. Allen estimated the day after the House vote that it would now cost between $500 million and $1 billion in fresh Government financing to get the project going again. Said Allen: "In this business you just don't turn it on and off like a spigot...