Word: stockmans
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...wanderer from the true faith appears to be Treasury Secretary Donald Regan, who along with Budget Director David Stockman and Council of Economic Advisers Chairman Murray Weidenbaum is a member of Reagan's "economic troika." Regan last week called upon the Federal Reserve Board to loosen the tight money supply. He merely wanted the Fed to honor its own targeted growth rates for the money supply and avoid choking the economy, but to monetarists looser money is absolute heresy...
...here? We've got to be talking with one voice." The CEA chairman told Regan he agreed with the Secretary's statement in principle but was opposed to the Fed pumping more money into the economy now. Then, at a breakfast meeting with reporters the next day, Stockman implicitly contradicted Regan by arguing that the Fed should keep the brakes on the money supply. As Regan continued to attack the Fed's tight money policy on a two-day speaking tour, Treasury Under Secretary Beryl Sprinkel tried to get his boss to soften the rhetoric. Regan, however...
CHANCES ARE that Reagan could kill the bill if his lieutenants on the Hill begin twisting arms, but the President apparently desires more than mere adherence to his initial recommendations. He, budget director David Stockman and others are scrounding around for some way to make palatable a new batch of cuts--perhaps as much as $13 billion, all in non-military spending. In effect, Reagan is playing the game two ways: after basing his crusade on the reconciliation measure last spring, he has come back this fall and tampered with the appropriations process. "He's got a lot of people...
...subsidies. A USDA task force had already been set up to address the question of "meal patterns," bureaucratese for guidelines that determine the permissible size and nutritional quality of lunches. In three weeks, the new USDA meal proposals were rushed through the agency, hastily given the green light by Stockman's Office of Management and Budget, and made public on the eve of the long Labor Day weekend. In essence, the new regulations would have saved local school authorities $300 million by instituting several key changes. Among them: offering only three main types of lunches (preschool, elementary and secondary...
...slow in assessing the political damage. A worried White House senior staff called in Agriculture Secretary John Block for consultations about whether or not to redraft the proposals. Apparently as a result, the subject was not broached in the President's Sept. 24 budget address. The following day Stockman blasted the proposed regulations as "a bureaucratic goof and Block formally announced they would be pulled back for further study. Added Stockman tactlessly: "I don't think the little catsup episode is going to have any great significance...