Word: troughing
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...named Rootie, his accomplice in an annual unveiling of the pork hidden in the federal budget. Now he is tearing the wrong way up a one-way drive into the Capitol for a press conference with conservative Blue Dog Democrats supporting his effort to drive the pigs from the trough. After a decade of frustration, McCain's campaign-finance-reform bill will finally get its hearing on the Senate floor, without threat of filibuster, this week...
Even though the tax bill Congress passes won't be an exact copy of his plan, Bush believes he's already won. "The question is not whether there should be a tax cut but when and how much," says one of his aides. No matter how crowded the trough gets, Bush thinks he'll get credit for the feast...
...campaign, Bush's tax-cut plan seemed too grandiose to many voters. But layoffs, slipping economic indicators and a blessing from Fed Chairman Alan Greenspan made the idea credible--and now Washington can smell a big tax cut the way hogs smell slop. Politicians are scrambling to the trough. Some of their schemes are well-intended--Senate majority leader Trent Lott wants to change the alternative minimum tax so it doesn't take such a big bite out of middle-class taxpayers--but all of them threaten to grow the beast. Lott's plan would bring Bush's plan...
...prices drop further. "How long it takes before a crisis breaks out depends on oil prices," said Stiglitz. With Courtis predicting that the price will fall past $20 per bbl.--good news, on the other hand, for the U.S. and Europe--the margin between world prosperity and a deep trough seems slim indeed...
VALUABLE JUNK The high-yield bond-fund market climbed out of its trough last month, gaining 6.4% but leaving analysts scratching their head. Junk, which in 2000 suffered its worst year in the past dozen, tends not to do well when the economy slows. Fund managers remain guardedly optimistic, given the continued tightness of other types of credit...