Word: stockman
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...Stockman was left with limited room to maneuver in compiling a package to cope with the burgeoning deficit projections. The core of his original solution, composed two weeks ago, was to defer, for three months, cost of living adjustments (COLAs) for entitlement programs
...plan to cut taxes, increase defense spending, and still balance the budget by 1984. Wright argues that it is impossible to eliminate the projected total deficit over the next three years through cuts in domestic spending. Says he: "You can't do it without closing down the Government. Stockman and the supply-side true believers were so bullheaded about putting their whims into practice that they flimflammed the President...
...lunch that would be allowable under new minimum standards proposed by the Agriculture Department-a 1.5-oz. beef and soybean patty, one slice of bread, six french fries, six ounces of milk, and catsup and relish as vegetables. Said Patrick Leahy of Vermont: "This is absolutely obscene." Shortly afterward, Stockman announced that the new proposals would be withdrawn. Said he: "It was a bureaucratic goof...
...bankrupt Social Security system as part of his second round of budget cuts. He had hoped to confront the issue head-on during his televised speech. Instead, he merely recommended again changes that Health and Hu man Services Secretary Richard Schweiker and OMB Director David Stockman had formulated and that the Senate had rejected last May, and proposed a few palliatives to shore up the system for the time being. Reagan also asked that any major changes in Social Security be studied by a 15-member bipartisan task force - five members each from the Senate and House, plus five presidential...
...confessed Budget Director David Stockman, the worst week of toil he had ever experienced. An admitted workaholic, Stockman had averaged about five hours of sleep a night during the five days prior to the President's speech-a time, he said, "when things began to get interesting." Among other things, he had chaired a meeting of the Cabinet in Reagan's absence, a symbol of the President's intense trust in his judgment on economic matters. One congressional Democrat describes him as being "like Svengali, like Rasputin to the Tsar." But others are awed by his incisive...