Word: targetting
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Dates: during 1980-1989
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...years it was viewed as an almost impossibly small dot on the financial horizon, a historic goal to be pursued in frustrating fits and starts. Suddenly, in 1986, the target became closer and more tantalizing. As 1987 brought a fresh frenzy of trading on the New York Stock Exchange, everyone on Wall Street, as well as investors across the U.S. and around the world, was caught up in the drama: Just when would the Dow Jones industrial average gather its full force and break through the psychologically portentous barrier...
...many ways Reagan's 1988 budget seems like a wishful blueprint for a miracle. The President proposes to slash the deficit to $108 billion, the 1988 target prescribed by the Gramm-Rudman law, without a tax increase and while still boosting defense spending by 3%, after adjustment for inflation. The deficit reduction would come entirely through further cuts in social and other nondefense spending, along with short-term expedients like sales of Government assets. But private economists are almost universally doubtful that the formula can work. Charles Schultze, a Brookings Institution scholar who was President Carter's chief economic adviser...
...Reagan has proposed spending $1.02 trillion against expected revenues of only $916 billion. He thus becomes the first President to send a trillion dollar budget to Capitol Hill. His proposals call for the deficit to be cut to the $108 billion Gramm-Rudman target through a combination of $42 billion in spending reductions and revenue increases. Some $20 billion of that would be trimmed from domestic programs, including mass-transit aid, housing assistance and farm subsidies. Social Security, as usual, remains untouchable...
...even more politically explosive topic is farm aid. U.S. farmers, who are still mired in a deep depression, enjoy perennial clout on Capitol Hill, but Reagan wants to cut the farm budget by several billion during the next five years. The Administration seeks to cut target farm prices, which determine the size of subsidies, by 10% a year. It would also like to toughen up the rules on maximum payments to ensure that the bulk of the aid goes to farmers who need it most. Says OMB Chief Miller, alluding to the movie Country: "A lot of money goes...
More and more economists and Congressmen believe the current Gramm-Rudman target for fiscal 1988 is unrealistic and needs to be revised. If Congress made too drastic a cut in the deficit, they argue, it could throw the sluggish economy into a recession. Says C. Fred Bergsten, director of the Washington- based Institute for International Economics: "I don't think anybody believes that it is either possible or desirable to meet the Gramm-Rudman target." Admits Chiles: "There is nothing magic about $108 billion. But I think you have a problem if you abandon it without something better...