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Gramm Rudman: Stopping the Overdrafts |
| Section: CURRENT ISSUES / SPECIAL FEATURE--GETTING GOVERNMENT UNDER CONTROL |
| Author: Dan Mitchell |
| Publication: The world & I online |
| Issue Date: 2/1/1986 |
| Size: 1,448 Words, 8,858 Characters |
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Perhaps the most important piece of legislation produced in 1985 was the Gramm-Rudman Hollings deficit reduction bill. More widely known as simply Gramm-Rudman, the new law mandates systematic reductions in the deficit leading to a balanced budget by 1991.
With the exception of its primary backers, Gramm-Rudman was not hailed as great, or even good, legislation. President Reagan's support was only tentative; the White House worried about possible defense cutbacks. Many senators and representatives called it the least worst alternative. Political commentators have called the bill "Washington at its worst."
If Gramm-Rudman is so unpopular, why did it pass? The figures on the deficit answer this question best. Yearly budget deficits of $200 billion have aroused critical attenti...
. . .
...ted battle over a tax increase will have possible impli-battle. Kemp will be forced to choose between the president and his principles. Vice President Bush will follow the White House line, and Senator Bob Dole (R-Kansas) will most likely advocate higher taxes. How this affects the hearts and minds of the Republican grass roots could significantly affect the race to succeed Ronald Reagan.
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