Word: taxing
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Dates: during 1960-1969
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...last summer Vance was forced to abandon his twelve-hour work days at the Pentagon because of an irksome back ailment. He returned to law practice in Manhattan, although repeated summonses to Washington for troubleshooting missions scarcely left him time for his legal career. The grueling Paris negotiations will tax Vance's health even more severely than his previous assignments. Despite the orthopedic brace he wears, his back is often so painful that he cannot bend to tie his shoelaces...
Crippling Trend. McNamara's plans are destined to undergo considerable trimming in Congress, where presidential pleas for a tax increase have been countered by demands for $6 billion in spending cuts-half of which probably will come from next year's defense budget and from some $22 billion in procurement funds for the development and purchase of future weapons systems. The Senate has pared $660 million from the procurement bill, which faces additional surgery in the House...
...make matters worse, peace plans were unready; cutbacks in defense spending led to a recession with a 6% unemployment rate before the economy rebounded. This time, the Pentagon expects to taper off procurement slowly, as it rebuilds its depleted stockpiles, and Government planners are already deciding how tax cuts and civilian-spending increases should be timed to stabilize the economy...
...bunch of people walking around in high elephant grass," says one Treasury official. They were in brief sight of one another last month at the height of the gold crisis. Sobered by the threat to the dollar, Congress seemed to be less hostile to the notion of raising taxes in an election year; the Senate went so far as to attach a 10% income-tax surcharge to another revenue measure-together with a stiff $6 billion cut in the federal budget...
...those twin perils, said the globally respected central banker, the U.S. must cut its budget deficit in the fiscal year starting July 1 from a prospective $20 billion to less than $8 billion. Achieving such a reduction would require not only prompt enactment of the Administration-backed 10% income-tax surcharge but budget cuts at least as large as anything Congress has proposed. Moreover, said Martin, he has already told President Johnson that unless the U.S. slashes its balance of payments deficit, that problem will inexorably lead to a world devaluation of currencies. "This would...