Word: stockman
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
WASHINGTON--President Reagan rejected Budget Director David Stockman's tendered resignation yesterday after the two had a 45-minute meeting concerning Stockman's published statements experessing lack of faith in the Reagan administration's economic theories and policies...
...other hand, the Administration's budget-cutters, headed by David Stockman, the director of the Office of Management and Budget, maintain that it is essential to cut the size of the deficit, even if that can be done only by raising taxes. Since January, Stockman has sliced $38.7 billion from the fiscal 1981 and 1982 spending packages that Reagan inherited from Jimmy Carter. But the 1981 budget that ended Sept. 30 still overshot the President's $55.6 billion forecast by more than $2 billion...
...given to the President by Murray Weidenbaum, chairman of the Council of Economic Advisers, and Treasury Secretary Donald Regan. Meanwhile, Treasury officials issued broadsides of their own. Among the more startling was a byline article in FORTUNE by Assistant Treasury Secretary Roberts, who leveled a deftly worded attack on Stockman for endangering the President's program by overemphasizing the importance of a balanced budget...
Administration supply-siders and monetarists are particularly incensed at Stockman's efforts to push through a package of indirect taxes on such items as tobacco, alcohol and gasoline. Lawrence Kudlow, the chief economist at OMB, has given such tax increases the woolly euphemism of "revenue enhancers." Supply-siders say that increasing taxes would repeat the mistake made in 1979 by Britain's Margaret Thatcher, when she tried to reduce a revenue shortfall brought on by sharp income tax cuts by raising the value-added taxes on consumer goods. Many economists now believe that the Thatcher taxes seriously aggravated...
Last week Treasury Secretary Regan also went after Stockman. Said he: "I feel as if I am being pushed and pulled. I am going to have to start running this operation from my gut." After a midweek strategy session with aides, Regan decided to picture the Budget Director as pursuing a flawed policy that is playing into the hands of the Democrats. Regan's argument is that by allowing the Congress to consider tax increases as an alternative to further budget cuts, Stockman is actually putting the Administration's entire program in jeopardy...