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...Contract with America. Indeed, there was cold sweat at a no-press-allowed retreat in suburban Virginia at week's end, where G.O.P. House members had to go to secure conference rooms to read numbered copies of House budget chief John Kasich's blueprint for slicing an astonishing $1.4 trillion from federal spending over the next seven years. The plan would eliminate the departments of Energy, Commerce and Education, cut cost-of-living increases for federal pensioners, slash foreign aid sharply, and zero out Clinton's pet achievement, the national-service program. Even during the retreat, House members were forming...
TIME Washington correspondent Suneel Ratansays Domenici -- the Senate's chief budgeteer -- plans to announce Thursday his plans for cutting an "unimaginable" $1 trillion from projected federal spending over the next seven years in a bid to fulfill the GOP promise to balance the budget by 2002. Roughly a third of those proposed cuts are expected to come from projected Medicare spending. Ratan says that both parties believe such cuts are necessary, and now Domenici is throwing down the gauntlet...
Such speculation is difficult if not impossible to thwart because of the sheer size of the world's foreign-exchange markets, which trade more than $1 trillion in currencies daily. Arrayed against that ocean of funds, the Federal Reserve and other central banks have only limited resources for use in any single intervention. Small wonder that when 18 governments pumped $5 billion into the markets to support the dollar two weeks ago, the effort had little impact. "The central banks are powerless against the currency-market forces," asserts Gernot Nerb, director of research at the IFO Institute for Economic Research...
...available information is immense--and spectacularly manipulatable. The agency's computer system at Langley stores more than 4 trillion bytes of secret information--equal to a stack of documents 30 miles high. Its computer-disk farms, which take up two floors the area of two football fields, have numbers and letters painted on the walls, like a parking lot, so technicians don't get lost in the mainframes. It once took cia analysts months to identify members of a terrorist group who might be recruited as informants. Now using an "link-analysis" program, the informants can be spotted in seconds...
Trying to come up with $1 trillion in spending cuts by 2002, House GOP members won a procedural vote to send $17 billion in housing aid, school and other spending cuts to the floor. The package is expected to win passage Thursday by a similar margin. (The Senate is preparing its own version now.) Today's GOP victory saw its share of rhetorical lobs: Minority Leader Richard Gephardt (D-Mo.) called the cuts "mean-spirited" and "morally wrong"; House Appropriations Committee Chairman Bob Livingston (R-La.) decried "the same old Chicken Little-ism: the sky is falling, liberals...