Word: fiscal
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Dates: during 1970-1970
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...done by expanding the budget deficit or increasing the money supply, or by using a combination of both. In either case the President's power is limited. He can increase the budget only if Congress agrees, and he may well run into resistance from Capitol Hill's fiscal conservatives, as well as from Democratic liberals who are not at all eager to help his re-election drive. One possibility is that Nixon will offer only token opposition to spending bills that he dislikes, and allow the budget to tumble $15 billion or $20 billion into...
...people at City Hall, in turn, see themselves as the last outpost of fiscal responsibility combatting narrow-minded self-interest on the part of local factions. They view Model Cities as a group that doesn't have to return regularly to the electorate, and therefore is free to spend federal money on any proposal designed to benefit people in the Model Cities area...
...make a great deal of difference. The conflict is as simple as the fact that the CDA staff is comprised of liberals who want to expand the scope and responsibility of city government in social welfare; while City Hall is dominated by conservatives who are afraid to extend the fiscal involvement of the city...
...reply, Robert B. Williams, the Executive Director of the CDA staff, commented, "That may be called fiscal responsibility, but if you think about it, it's also pretty damn repressive...
Actually, both the Canadian and British boards had some success. The main lesson of foreign experience is that governments often undermine their own incomes policies by pouring too much money into the economy?but that incomes policy combined with moderate-to-strict fiscal and monetary policies can have an influence. The O.E.C.D. recently concluded that incomes policies usually help restrain inflation for a year or two. That might be just what the U.S. needs to get through the difficult transition period when excess demand no longer exists but the wage-price spiral is whirling...