Word: swells
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Dates: during 1980-1989
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...President last week approved cuts of $31 billion in the federal spending proposals he will present to Congress next month. The cuts would mainly affect social programs-Medicare, Medicaid, food stamps, school lunches, subsidized housing, urban renewal grants-that have already been slashed. Even so, the projected deficit would swell to well over $100 billion unless Reagan also agrees to some so-called revenue enhancements, and he has indicated that he might. In a year-end interview with reporters that was released last week, Reagan repeated his general opposition to tax boosts, but hinted that he could make an exception...
...opposing view is that federal deficits will swell alarmingly for two reasons: recession, which increases Government outlays for programs like welfare and reduces tax collections; and the deep tax cuts legislated last summer. Once the recession is no longer exerting pressure against price boosts, the deficits can cause them to speed up again. Reason: the Government pumps more money into consumers' pocketbooks than it takes out. The Federal Reserve Board will consequently continue its tight-money policy. That, and Government borrowing to cover the deficits, will kick interest rates back up again...
EVER SINCE former soldier Alexander M. Haig Jr. said he wanted to be a "vicar" as a diplomat, Washington has not treated him kindly. As most people saw it, he was a brusque, imperious swell-headed general who would never make a good team member, unless of course, he was the star--and coach. After a few comments about "hit lists" and "authoritarian" versus "totalitarian" regimes, he met with a shower of ridicule and abuse. And in the wake of the Reagan shooting, when he seemed to be wearing his presidential aspirations right there on his sleeve--in place...
...White House years. Regan polished up some nuggets from Andrew Mellon, the Secretary of the Treasury of those exuberant days. One of them: "If the spirit of business adventure is killed, this country will cease to hold the foremost position in the world." That is the stuff to swell a supply-sider's heart...
...fiscal 1986 the cumulative federal largesse could swell to $29 billion, making it one of the biggest business subsidies in the tax bill...