Word: stockman
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First to broach the surcharge idea was David Stockman, Director of the Office of Management and Budget, who last December proposed a $2-per-bbl. import surcharge. Though the President rejected the idea, such a tax would add about 5? per gal. to the retail price of gasoline, which has fallen by as much as 200 in some places anyway...
...only is Stockman's import-surcharge idea being dusted off, but Administration officials are beginning to think seriously of a substantially larger surcharge of anywhere from $5 to $10 per bbl. Such a levy would raise from $18 billon to $36 billion annually, offsetting nearly 38% of the Administration's projected $96.4 billion budget deficit for next year. By cutting taxes for hard-pressed U.S. taxpayers, the President has created a budget dilemma that he can now help solve in effect by taxing foreign-oil suppliers instead...
Unswerving devotion to the path of "the true believer" brought on the attack on Haig and similar denunciations of other GOP bigwigs. Favorite punching bags of the weekly include OMB director David Stockman, White House Chief of Staff James Baker, and a slew of Republican Congressional leaders...
...Both Stockman and Baker are among these "nervous nellies" in Reagan's coterie. "For several months, both men have been orchestrating a Herculean campaign...to force the President to cast Reaganomics aside," wrote Human Events, as the date of State-of-the- Union address neared. The magazine feared that Reagan's top advisors would spur the President to compromise his economic plans by jacking up taxes. When Reagan rejected tax increases in his speech to Congress, Human Events congratulated him for resisting the "unremitting pressure" of his OMB director and chief of staff...
...world that would be very unwise." As for the supply-side tax cut: "To abandon our tax policy now would be to give up the very fundamental thing that is required to expand our economy." He thus seemed to retract some of the flexibility suggested by Budget Director David Stockman in testimony to the House Budget Committee two days earlier. Stockman rejected proposals that the Pentagon budget could be cut by more than $20 billion, but he gave no direct answer when asked about the feasibility of a $10 billion reduction. The Budget Director also recommended that Congress "take...