Word: debt
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Dates: during 1980-1989
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With only 17 hours to spare, Congress passed and George Bush signed a bill lifting the U.S. debt ceiling to $3.12 trillion, thus averting a default. Granted authority to draw on an additional $250 billion of other people's money, the Treasury is again able to pay the Government's bills...
...regular, inescapable need for new borrowing authority has inspired Democrats and Republicans alike to play dangerous, self-serving games. Hoping to revive Bush's cherished reduction in the capital-gains tax, Senate Republicans considered attaching it to the debt-ceiling legislation. Majority Leader George Mitchell, increasingly playing the role of an unyielding Horatius at the Bridge, blocked them. Democrats similarly toyed with piggybacking onto the debt bill measures that Bush would veto if passed separately. Both sides backed off only when the nation was on the brink of insolvency...
...debt of gratitude to the president of the United States, who was willing to stand up and support a minimum wage increase, thereby reversing the policy of the prior administration, which had consistently opposed any increase," said Majority Leader George Mitchell of Maine...
Sachs, whose work in Latin America is underwritten by the United Nations, responds that "if one person can be attacked from so many directions, there hasn't been enough contact between sides" in the debt crisis. "Much of my work," he notes, "is just sitting quietly in a back room analyzing data with members of the government." Sachs did that on a 1986 trip to Bolivia, when he arrived to find that the Planning Minister had resigned and the government was ready to drop its anti-inflation program. But after examining the latest figures, Sachs argued that the program...
...same vein, Sachs believes that the Latin debt crisis will eventually ease. He considers a plan that Treasury Secretary Nicholas Brady unveiled last spring, which calls for limited debt reduction, a modest but encouraging step. "There has been a lot of progress," Sachs says. "The thinking is much more realistic...