Word: trimming
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...must find ways to trim the budget accordingly. In Iowa, Republican Governor Robert Ray successfully pushed for a $50 million tax cut in 1979. For the current fiscal year, he has had to pare his budget three times for a total savings of $75 million. The state could still end $22 million in the red. To make ends meet, Ray is pressing for higher cigarette and gasoline levies as well as a new 3% sales tax on out-of-state telephone calls...
Says one local financial analyst: "If God came down to Boston, I just don't believe he would be able to trim that amount from the city budget...
...mandated by law. Another $260 billion is slated for national defense and interest on the federal debt. Reagan has pledged to increase defense spending, and reportedly will propose cuts of no more than $20 billion in the popular entitlement benefits. This means that the President will have to trim about $30 billion from the remaining $160 billion in the budget, which is largely made up of social and public works programs. Schultze called such a slash of almost 20% "highly improbable...
...noted ruefully in his TV speech that all the cuts that he proposes will merely make federal spending lower than it otherwise would be, not lower than it is now; total spending will continue to grow because of inflation, however much the White House and Congress may hack and trim. Moreover, there is one gigantic exception to the Administration's cut-and-slash plans: military spending. Secretary of Defense Caspar Weinberger is likely to propose, and Reagan may well recommend, a fiscal 1982 defense budget of $220 billion, almost $24 billion above the figure Jimmy Carter had suggested...
...will only increase inflation and the need for reductions in services. And it is clear that Reagan, with his affection for things explosive, will not make those cuts where they are needed, in the bloated and wasteful defense budget. Amid the matrices, curves and general hysterics, other ways to trim inflation--price controls, perhaps, cuts in defense spending or genuine tax reform--have been rejected out of hand...