Word: cashing
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Dates: during 1980-1980
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THESE ARE NOT very opportune times to be looking for spare cash in the halls of Congress. The pro-registration forces on the House Appropriations Committee--that 54-member panel which recommends who gets what--originally thought they'd just tack the $13 million needed to register 19-and 20-year old men for the draft on to the federal budget. But the federal budget is having troubles of its own and so they changed their minds, reasoning that they'd just effect a transfer of sorts and move the needed cash from the Department of Defense...
...wage-price freeze would be difficult to administer, as firms and individuals seek to bend the rules. Thus new labor contracts will raise non-cash benefits, suppliers will demand cash prepayment, and unrecorded payments for goods or to workers will rise...
Collectively, the states can afford a cancellation of revenue sharing; the 50 states are expected to pile up an aggregate surplus of $7.5 billion this year. But the Governors, and the mayors to whom they pass much federal cash, argue that revenue-sharing grants, which can be spent in virtually any way the recipients please, give them needed flexibility to meet local requirements. Says Pennsylvania's Republican Governor, Richard Thornburgh: "The President proposes to cut the kinds of programs best adapted to changing times, such as general revenue sharing, while retaining rigid categorical grants [those that finance specific activities...
...shillings for the 21-mile drive from Kampala to Entebbe airport, ten times the fare a year ago. Clerks at government-controlled stores routinely consign salt, sugar and other commodities to the black market, where they sell for many times the official price. Coffee, Uganda's biggest cash crop, is smuggled into neighboring Burundi, which last year exported more than twice the quantity of coffee beans it harvested in its own fields. Says a Ugandan clergyman: "I don't know if our people will ever be honest again...
Largely in response to such protestations, the Federal Reserve announced, as part of the new Carter program, that all money market funds must set aside 15% of any future deposits in non-interest bearing accounts with the Federal Reserve. Since money market funds cannot then invest this cash in bank certificates of deposit or any other high-yielding accounts, the effect for fund shareholders would be a modest reduction in the net interest they could earn...