Word: trillion
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...Senate cut $16 billion in current spending, which included all funds for the courthouse and 94 other unbuilt federal projects in other states. Surprise of surprises: the people of Fargo don't seem to mind very much. Next, however, comes a far more severe test. The $1.4 trillion in cuts proposed last week by the Republicans in Congress would have a vastly larger impact on the lives of people in Fargo and elsewhere around the U.S. Indeed, the seven-year plan to balance the budget by 2002 set off a wave of indignant reaction from the President, Democrats in Congress...
...long been understood, is the accepted substitute for actually doing anything to bring federal spending back into line with revenues. But to set a hard date, fiscal year 2002, for cutting deficits all the way down to zero? And put real numbers on the table -- as much as $1.4 trillion less spending over the next seven years? And make specific suggestions about where the money should come from, including a hit list of 284 federal agencies and programs to be legislated out of existence? It seems hard to take seriously...
Balancing the budget would ease financial pressure on the government itself, leaving more room for tax cuts. One of the fastest-growing items on the government's books is interest on its $4.8 trillion debt. This year the government will pay $235 billion in interest, an amount that exceeds its deficit of $176 billion. Without further deficit reduction, the Congressional Budget Office estimates, annual interest payments by 2002 would balloon to $334 billion -- money that goes to bondholders such as Ross Perot, who in 1992 reported that a chunk of his then $3.3 billion fortune was invested in low-risk...
...easilypassed their historic legislation to balance the federal budgetin a well-scripted, near-party-line vote of 238-193. The bill, which the GOP claims would lead to the first budget surplus since 1969, aims to bring to an end decades of federal deficits by wrenching an unprecedented $1.4 trillion in savings from budgets over the next seven years.Medicare and Medicaid would take the biggest hitsand hundreds of other federal programs would vanish. But majority House members -- unlike senators, who today began debating their $961 billion measure -- would try toease the painwith $350 billion in tax breaks for families, corporations...
That puts the G.O.P. in a major quandary. Putting a lid on Medicare and its $90 billion sister program, Medicaid, represents the Republicans' best hope for achieving much of the $1.4 trillion in savings they must find if they are to balance the budget and pay for tax cuts. But over their April recess, G.O.P. polls began showing that people are just as protective of Medicare as they are of Social Security...