Word: trillion
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...buys a chastity belt and throws away the key. In December, Congress passed, and President Reagan signed into law, the Gramm- Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985. Cast as an amendment to a measure raising the U.S. debt ceiling above $2 trillion, Gramm-Rudman was the sugarcoating to help embarrassed Congressmen swallow that gargantuan figure. The law required that annual federal deficits, now hovering at the $200 billion level, be reduced in stages to zero by 1991. It also said that if Congress and the President could not agree on the cuts, across-the-board...
Reagan's greatest failure involves the huge federal debt, now $2 trillion, half of it accumulated during the Reagan years. He administered a deep tax cut during an enormous military buildup. Tens of thousands of family farmers have been destroyed, and the economy of the Midwest has been badly shaken...
...view of anybody who had recently been engaged in rebuilding a house or paying taxes, writing something or borrowing money or paying a hospital bill, or a number of other things. In fact, almost anything. The question is this: What is the ratio, in our vast, booming $3 trillion economy, between the people who actually make things or actually provide services and the people who are paid to prevent the others from making things or providing services? One to two? One to three? And if this is the case, why is it the case...
...that's the rub. The U.S. has yet to resolve itself into a firm stand against Nicaragua. We certainly don't feel strongly enough to send our own soldiers and most polls show that Americans don't favor funding the Contras. A $100 million out of a trillion dollar budget is a mere trifle for the House to spend in order to relieve some of the pressure about the threat to the south placed on them by Reagan and other conservatives...
...hardly anybody to compete with. But the class of '86 had better learn how to compete, because you're living in a very different world. Something else you'd better do better than we have: learn how to balance the books. We're leaving you with a $2 trillion national debt. Along with your own problems and your own bills, you're going to get the privilege of handling some of mine. I'll tell you one thing: don't try to pay it off in cash. It would take the U.S. Mint 57 years, two months and two weeks...