Word: trillion
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...Wednesday--Vice President George Bush hints to reporters that the administration has a secret new plan to erase the $4 trillion budget deficit, but declines to give details. "It's a nifty plan, boys," Bush boasts...
...fact, another version of Geneva was now being heard. After listening to a recent Saturday radio talk by Reagan, Bill Moyers said on CBS, "Five years ago, he said we needed to spend a trillion dollars to negotiate with Moscow from strength. Having spent it, he called on Saturday for spending more, to convince the Soviets that we really mean it. So, from a distance, this summit begins to appear a molehill." A flashy judgment, but premature to say the least. So skillfully did Reagan put his own version across, over the heads of the press, that the world...
...trillion corporate debt load is crippling, Rohatyn notes. Too much of the debt has been created by firms to finance takeovers with borrowed money. The result, he argues, is that many companies are particularly vulnerable to an economic downturn. In a recession, these corporations might be unable to make interest payments on their debt, and the result could be enormous loan defaults. Firms may already be unable to make needed investments in their basic business. Says Rohatyn: "At a time when we are trying to strengthen our important industries to make them more competitive, this weakens them by stripping away...
...been the creation of a huge and worrisome mountain of debt. In the past two years nearly $200 billion in stock has vanished from corporate treasuries and been replaced with IOUs that must be paid. By the end of the third quarter, American firms had built up $1.4 trillion in debt. In the same period corporate debt has increased more than 10% annually. These big borrowings, moreover, are part of a trend that has seen almost every sector of the U.S. economy become a rapidly growing debtor. From the $200 billion federal budget deficit to the $530 billion in outstanding...
...notion that the Gramm-Rudman Amendment, without modifications or a tax increase, can magically make the deficit disappear collapses as soon as one studies the numbers involved. With annual spending now at almost $1 trillion, the act's purpose is to reduce to zero an annual deficit currently running at some $200 billion. Yet about 70% of this year's budget, and at least half in future years, could be protected from automatic cuts. That means the increasingly painful slashes will have to come from just part of the pie, and more than half of that portion goes...