Word: trillion
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...three most important words in Bush's address remained the familiar cry of "no new taxes." That read-my-lips pledge from the campaign presented the President with what may prove an insoluble problem: how to meet the Gramm- Rudman target of a $100 billion deficit on his $1.16 trillion budget for fiscal year 1990. The commitment to comity with Congress ruled out the Reagan- era approach of proposing draconian, and politically unrealistic, cuts in domestic spending that would be immediately declared "dead on arrival." The familiar device of using overly optimistic economic assumptions to gild the budget...
...have more will than wallet," President George Bush told the nation in his inaugural address last month. But last week, in unveiling his $1.2 trillion budget proposal before a joint session of Congress, Bush exhibited less of the former and more of the latter...
...armed, economists who called themselves supply-siders. They promised Reagan that he could cut taxes, rebuild U.S. military might and reduce the budget deficit, all at the same time. While the President eagerly followed the script, the deficit forgot its lines. Instead of shrinking each year, it added $1.3 trillion to the U.S. national debt during Reagan's two terms, more than doubling the total burden...
...trillion budget that President Reagan sent to Congress last week presages the coming battle by pointedly rejecting the need to increase any taxes to cut the projected 1990 deficit of $127 billion to the $100 billion required by the Gramm-Rudman law. Instead, the Reagan budget proposes to accomplish that in part by eliminating 82 federal programs, all of which Congress has defended in past budgets. While Democrats dismissed the Reagan document as "irrelevant," since President-elect Bush plans to submit a revised version by Feb. 20, the incoming Administration is unlikely to embrace a tax increase until it becomes...
...strange formula, a mixture of tax cuts and increases in government spending. As Lloyd Bentsen pointed out in his debate with Dan Quayle, it easy to give the appearance of prosperity when you're writing hot checks. When the creditors come to collect on the country's $1.8 trillion deficit, Reagan will not be around to answer the door...