Word: budget
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Dates: during 1960-1969
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...middle-class constituency by offering ample benefits to middle-income taxpayers. A couple with two children and a $10,000 income, for example, will save $209 by 1973; the same family earning $25,000 would gain $172. Says one Senate Democrat: "What we are fighting for is suburbia." Former Budget Director Charles Schultze puts it another way: "When the chips are down on tax cuts, those who talked about priorities for pollution control and education and an end to hunger voted for beer and cosmetics and whitewall tires...
...point of the game is not so much to lay out actual fiscal allocations as to demonstrate to outsiders the latest Kremlin international posture. Last week 1,500 delegates to the Supreme Soviet, Russia's rubber-stamp Parliament, met in the Great Kremlin Palace to approve the 1970 budget, and as usual, defense spending attracted the most attention. According to the official figures, the Soviet arms budget will rise only 1% to 17.8 billion rubles ($19.6 billion). The 1970 outlay will account for only 12.4% of the total $159 billion budget-the lowest share, the Soviets pointed...
...profile military figures neatly match the Kremlin's current diplomatic stance of a powerful but benign peacemaker. Yet there is far more to Soviet arms spending than appears in the budget. Funds for H-bombs and advanced weapons like multiple-warhead missiles are customarily tucked into budgets for "medium industry" and "scientific research." Additional allocations may well not be listed at all. Western analysts reckon that the true Soviet defense bill will come to about $60 billion in U.S. terms, or just about what the Pentagon spends now, excluding Viet Nam costs. Some speculate that, because of tension with...
High-level Whispers. The Soviet arms budget is, however, undeniably under pressure, because the Soviet civilian economy has been badly shortchanged as a result of Russia's costly military intervention in Czechoslovakia and the buildup along the Chinese border. Moscow urgently needs to increase its investment in agriculture, which suffered heavily this year as severe weather snapped a string of good harvests. Western experts scoff that some of the 160 million-ton grain crop the Soviets are claiming to harvest "must still be under the snow...
...Federal Reserve Board on Feb. 2, conceded to a Senate committee that the U.S. faces a "danger" of recession. He spoke cautiously of a relaxation of the board's credit squeeze-if Congress passes a noninflationary tax bill and President Nixon can keep the fiscal 1971 budget in balance. Despite those enormous hedges, his comments marked a considerable change in tone from his October statement that the Nixon Administration "will not budge" from restrictive policies. The stock market reacted -perhaps overreacted-by scoring its strongest rally in eight months...