Word: debt
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Dates: during 1960-1969
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Reagan insisted successfully that a $194 million debt left over from Democratic Governor Edmund Brown's ad ministration be paid off immediately rather than in installments. He sliced more than $43 million from the budget, based mainly on Brown's programs. When legislators complained at the loss of some of their pet projects, he compromised on some of his cuts, thereby had the $5.09 billion budget accepted with most of his economies intact. Reagan also won a partial victory on his campaign pledge to reduce property taxes by directing $148 million in state funds to local school boards...
...rush for funds has been Washington-inspired. Without higher taxes, the U.S. Treasury would be forced to siphon nearly $15 billion out of the long-term money market during the second half of 1967 to pay the deficit-plagued Government's bills. Another $25 billion of maturing federal debt must be refinanced. Figuring that Treasury financing on such a scale would drive interest rates above their present levels, many corporations have accelerated their borrowing lest they be caught in another credit squeeze...
With his hard-currency debt (not counting arrears to the Soviet bloc) now approaching $1.5 billion and his foreign-exchange reserves down to $100 million, Nasser is going to have a tough time dodging bankruptcy. To make up for lost trade with the West, he is negotiating new trade and loan agreements with his Arab fellow socialists, the Communists, and sympathetic non-aligned nations like India. Last week Poland gave him a $20 million loan for industrial development, and East Germany announced $100 million more credits. But the strain will continue as long as Nasser insists upon keeping Egypt...
...Nazi customs official from Stettin, Pannenberg, 38, did his doctoral studies in theology at the University of Heidelberg; he acknowledges a major intellectual debt to Heidelberg's Old Testament Scholar Gerhard von Rad. At the university, Pannenberg became the leader of a group of young thinkers who met for late-night discussions of theology, and who in 1961 formulated their principles in a joint volume of essays called Revelation as History. Although not widely known in the U.S., Pannenberg has lectured at the University of Chicago, Harvard and Claremont, and three of his major works are in the process...
...bill, which is likely to be accepted by the Senate, raises the maximum debt to $358 billion-$22 billion above the present figure-and effective July 1, 1968, provides for a further "temporary" increase of $7 billion. The original proposal, for a one-step increase this year to the same total of $365 billion, was opposed by House Republicans in a gambit to make headlines with their economy-in-Government line, and they carried along enough Democrats to win. In the second round, Mills and the Administration prevailed by preaching party loyalty and simple economic sense to the Democratic defectors...