Word: surpluses
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Dates: during 1970-1979
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...federal government has reduced its grant to Radcliffe's National Direct Student Loan (NDSL) program for '78-'79 by about 45 per cent, because the Financial Aid Office underspent NDSL funds in '76-'77, leaving a $51,000 surplus, Martha C. Lyman, acting director of financial aid, said yesterday...
...Foundation has added up proposed cuts in income taxes alone totaling $625 million annually in eleven states, including New York, Michigan and Minnesota. Property taxes are another favorite target, since they have provoked citizen revolts in many areas. California wound up last year with a $2.9 billion budget surplus, largely because, in line with Governor Jerry Brown's celebrated small-is-good philosophy, the state severely held down spending. Now flush California is planning to cut citizens' property taxes by $1.4 billion...
Some states and cities will also step up spending. David Levin, an economist at the U.S. Commerce Department, figures that state and local spending for sewer, water and recreation facilities will rise at least 10% this year. Texas, enjoying a surplus of $3 billion, plans no tax cuts (it has no income tax anyway). But during the next two years, it will pump increases of $1 billion into schools, $900 million into medical education, $528 million into roads and $525 million into health and welfare spending. Wisconsin will use $62.5 million of its surplus ($437 million...
...some states, surpluses and what to do with them have become a hot political issue. Opponents of Arkansas' Democratic Governor David H. Pryor's tightfisted spending policies are demanding that he call a special session of the state legislature before the May and June primaries to decide how to distribute a $40 million surplus. Pryor, who will leave the statehouse this year to run for Senator so far has refused. When Wisconsin's Democratic acting Governor Martin Schreiber campaigns for election in his own right this year, he may be damaged by charges that the state...
Governors and mayors who might be embarrassed by big surpluses can take some ironic comfort in the thought that they will soon be dwindling. Higher spending and a probable slower rate of growth in the economy late this year will shrink the aggregate state-city surplus to somewhere between $5 billion and $10 billion in 1978. That is a tidy sum, but it gives officials less reason to keep federal deficits high...