Word: trillion
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Unlike its predecessors, the thick document did not spark explosions of anger or snorts of derision as it landed on Capitol Hill last week. When Ronald Reagan submitted to Congress his eighth budget, a $1.09 trillion spending package for fiscal 1989, not even the Democrats pronounced it D.O.A., as they have in years past...
...Even some lobbyists for the aged privately accept the need to adjust Social Security, by raising the age of eligibility or taxing benefits for the wealthy, as part of a drastic deficit- reduction plan. While many retirees defend Social Security, they are horrified by the legacy of a $2 trillion debt they will leave behind. "The interest on it is about $1,000 a second," says George Toll, 82, of Long Beach, Calif. "That's why I worry about my grandchildren...
While Costello's task is to keep the U.S. ahead, he must do so at a time of serious concern about the federal deficit and severe budget constraints. Carlucci, who last November succeeded Caspar Weinberger, the freest-spending Defense Secretary in U.S. history ($2.4 trillion in just under eight years), has ordered that planned Pentagon outlays in the fiscal 1989 budget now being prepared must be cut by $33 billion...
...billion), are politically sacrosanct. And while some Democrats might be ready to chop away at the $298 billion in defense spending, substantial Pentagon cuts would be unlikely under any Republican Administration. Thus, spending that is truly discretionary (read politically negotiable) amounts to less than 15% of the $1 trillion federal budget. Even if the President could manage to veto $150 billion of spending from those areas, the savings would barely equal the interest on the national debt...
...long officially kept up the increasingly shaky pretense that the Third World's $1 trillion debt should eventually be repaid in full. But now the Treasury Department has collaborated with the Mexican government and New York City's Morgan Guaranty Trust in devising a novel relief plan. The proposal calls for U.S. lenders to make voluntary concessions that could scale back Mexico's $106 billion in debts by as much as $10 billion...