Word: trillion
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...Government is expected to shell out $183.7 billion more than it takes in through taxes and other revenues. By the Reagan Administration's own projections, which private and congressional economists consider to be unrealistically optimistic, the cumulative budget shortfall from 1984 through 1989 will amount to about $1 trillion. Sums up Thomas Johnson, president of Chemical New York, the bank holding company: "Everybody wants to feel good because we've just come through three years of really excruciating difficulties. But we are working on borrowed money and borrowed time...
...minute for 19 years. The. President has used a similar metaphor. In a speech unveiling his economic program soon after he took office, Reagan dramatized his concern about the national debt, then approaching $1 trillion, by noting that it would take a stack of $1,000 bills 67 miles high to equal that total. When he brought out his new budget this month, Reagan failed to mention that his deficits would push the debt to $ 1.8 trillion by next year and raise his stack of $ 1,000 bills to more than 120 miles...
...Treasury should be refilled, the public debt should be reduced. . . Yet even as the '50s and '60s went by, and more Americans shared my concern, Government grew like Topsy. In the '70s, federal spending tripled, taxes doubled and the national debt reached al most a trillion dollars...
...financial system is to artful chicanery. Drysdale Government Securities, officially started in February 1982, was a spin-off of Drysdale Securities, a 92-year-old Wall Street brokerage house. It was created solely to deal in such U.S. Government securities as bonds, notes and bills, currently a $1 trillion market. Using only 20 or 30 traders who operated out of a fifth-floor room above a Wall Street-area clothing shop, Drysdale quickly managed to amass a $4 billion-plus portfolio of borrowed U.S. Treasury securities...
...warning: annual federal deficits will run as high as $2 trillion by the end of the century if current trends continue. The alternative: annual savings in federal spending can amount to $1.9 trillion by the year 2000 if the Administration and Congress implement each of some 2,500 highly specific businesslike reforms in the way the Government operates. The budget, moreover, can be balanced without raising taxes or curtailing the military buildup if governmental waste and inefficiencies...