Word: trillion
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...light-year, the distance that light travels in one year, is about 6 trillion miles...
Congress is still weary from its struggle with the 1987 budget. In the end the lawmakers decided to let federal spending pass the once inconceivable $1 trillion mark this year. Their final spending bill anticipated a deficit of $154 billion, as permitted by Gramm-Rudman. But the Congressional Budget Office now projects a 1987 deficit of $174.5 billion, and some private economists say it may go as high as $190 billion...
...Reagan has proposed spending $1.02 trillion against expected revenues of only $916 billion. He thus becomes the first President to send a trillion dollar budget to Capitol Hill. His proposals call for the deficit to be cut to the $108 billion Gramm-Rudman target through a combination of $42 billion in spending reductions and revenue increases. Some $20 billion of that would be trimmed from domestic programs, including mass-transit aid, housing assistance and farm subsidies. Social Security, as usual, remains untouchable...
...deficit by too much, too fast, they agree that doing nothing to diminish the level of federal red ink could be equally dangerous. Massive Government borrowing soaks private savings out of the economy, leaving fewer funds available for business investment. Most ^ ominous, the national debt may exceed $2.2 trillion this year. The interest payments on that gargantuan sum already threaten to put an intolerable burden on future generations. Says Roger Noll, a professor of economics at Stanford: "What we will see happen as a result of continuing deficits is the slow, persistent erosion of the health of the U.S. economy...
...policy is especially striking in comparison with the rest of the Administration's proposed budget. The government now spends $2 billion a year subsidizing student interest rates and loses $1 billion as a result of defaults. Big deal. This is not even a drop in the $1 trillion budget bucket...