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NEWS
January 26, 2000 | ART PINE and NICK ANDERSON, TIMES STAFF WRITERS
President Clinton said Tuesday that the budget he will send Congress on Feb. 7 will propose paying off the entire $3.6-trillion national debt by 2013--two years earlier than had been expected even a few months ago. At a news conference, the president attributed the opportunity for a speedup to an economy that is even stronger than had been forecast, resulting in higher tax revenue and lower expenses, and to his own austere budget policies.
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NEWS
March 12, 2002 | From Associated Press
Treasury Secretary Paul H. O'Neill is expected to maneuver federal employees' retirement funds to let the government avoid breaching its borrowing limit later this month, congressional officials said Monday. The move--which is legal and was used by the Clinton administration in 1995--would let Congress postpone politically painful votes on raising the current $5.95-trillion debt ceiling.
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NEWS
November 15, 1995 | MICHAEL GRANBERRY and DAVAN MAHARAJ, TIMES STAFF WRITERS
By 2 p.m. Tuesday, security officer Nick McGahuey felt like he had been summoned to keep the peace in a ghost town. The Chet Holifield Federal Building on Avila Road here, known to locals as the Ziggurat building, was eerily deserted. Looking for tax advice at the Internal Revenue Service? "Outta luck," as McGahuey put it. "The doors are locked up tighter than a drum." Those hoping for help in obtaining Social Security checks would find three employees out of 21 on duty at a solitary window.
NEWS
December 9, 2001 | MARK FINEMAN, TIMES STAFF WRITER
Taxpayers stand to lose more than $200 million from the recent collapse of a luxury cruise ship company controlled by one of the country's wealthiest men but heavily supported by the federal government. American Classic Voyages Co. and its supporters in the U.S. Senate blame the aftermath of Sept. 11 for forcing it into Chapter 11 bankruptcy. But there is evidence that American Classic, the largest U.S.
BUSINESS
October 11, 1989 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The U.S. Customs Service is losing an average of $204 on each automobile seized from drug smugglers and later sold at auction, and it has been paying $360 a month to keep a seized boat worth $1,000 in storage for almost a year, federal investigators told a House hearing Tuesday. Customs officials "seize hundreds of millions of dollars in assets every year but end up with nothing to show for it," said Rep. J. J. Pickle (D-Tex.
NEWS
February 3, 1998 | ART PINE and ELIZABETH SHOGREN, TIMES STAFF WRITERS
President Clinton on Monday unveiled the first balanced-budget proposal in 30 years, sending Congress a $1.7-trillion federal spending plan that projects a decade's worth of surpluses. Declaring an end to "an era of exploding deficits," Clinton forecast a $9.5-billion budget surplus for fiscal 1999, which begins Oct. 1, and steadily growing surpluses that would add up to $1.1 trillion 10 years from now.
NEWS
October 19, 1995 | EDWIN CHEN, TIMES STAFF WRITER
For all the partisan acrimony and special-interest Angst over the GOP's Medicare reform plans, even the most far-reaching proposal--set for House passage today--would only postpone a financial crisis likely to make the current stakes seem like child's play.
NEWS
November 14, 1995 | SUSAN STEINBERG and JAMES RAINEY, TIMES STAFF WRITERS
As the U.S. government began to grind into low gear Monday in anticipation of a widespread shutdown, it was, ironically, the citizens who planned on leaving the country who most acutely felt their government's absence. Around Los Angeles and the nation, would-be travelers like Sally Metry of Tarzana crowded offices, waiting up to five hours in a desperate attempt to get their passports before the government went on hiatus.
NEWS
February 6, 1993 | ROBERT W. STEWART, TIMES STAFF WRITER
The Clinton Administration pledged Friday not to cancel the nation's two premier science projects--the $30-billion space station Freedom and the $8.2-billion superconducting super collider--but it left open the possibility of sharp budget cuts that could cripple both programs. The controversial space station, critical to the health of California's beleaguered aerospace industry, is the principal target of cost-saving measures outlined in the last week by Leon E.
NEWS
February 8, 1995
All money that flows into the Social Security Trust Fund is spent by the government each year. In 1994, for example, $377 billion was collected and $325 billion was spent on Social Security recipients. The remainder was used to buy Treasury bonds, which build up as surplus in the Trust Fund. The Treasury used proceeds from the bond sales to help finance government operations, thus reducing the amount of borrowing it needs to do from the public.
NEWS
October 2, 2001 | JANET HOOK, TIMES STAFF WRITER
The nation's economic woes have abruptly freed many Democrats in Congress to revert to old habits: Big spending is back. A top Senate Democratic leader wants to spend $30 billion or more on roads, bridges and other job-creating infrastructure projects. Sen. Edward M. Kennedy (D-Mass.) is pushing as much as $31 billion to expand benefits for unemployed workers. And proposals to increase the minimum wage, which have languished for years, are gaining momentum in Democratic circles.
NEWS
September 8, 2001 | GREG MILLER and EDWIN CHEN, TIMES STAFF WRITERS
The Bush administration warned House GOP leaders Friday that tumbling revenues might force the government to spend up to $15 billion of the Social Security surplus this year, congressional sources said, signaling that the budget outlook has worsened far more swiftly than the White House has previously acknowledged. The disclosure by White House Budget Director Mitchell E. Daniels Jr. prompted a scramble among Republican lawmakers to find a way to avoid taking that politically hazardous step.
NEWS
September 5, 2001 | JANET HOOK, TIMES STAFF WRITER
Congressional Republicans, increasingly concerned about the souring economy, returned to Washington on Tuesday calling for new tax cuts and other policies aimed at reversing the economic downturn--or at least insulating themselves from political blame in next year's midterm elections. House Speaker J. Dennis Hastert (R-Ill.) and Senate Minority Leader Trent Lott (R-Miss.
NEWS
August 1, 2001 | JANET HOOK, TIMES STAFF WRITER
The storm clouds gathering over the economy are about to burst in Washington--and Republicans are reaching for a political umbrella. In just a few weeks--while members of Congress are away from the Capitol for their summer break--government analysts are expected to release new projections showing the federal budget surplus will be far smaller than previously predicted as a result of the economic slowdown and President Bush's tax cut.
NEWS
July 31, 2001 | PETER G. GOSSELIN, TIMES STAFF WRITER
The economic slowdown, along with rebate checks for President Bush's tax cut, will force the government to borrow $51 billion by September, an about-face from its previous predictions, the Treasury Department said Monday. Treasury officials said Washington expects to be a net borrower of $51 billion during this quarter. The department had said earlier it would pay back $57 billion during those months, for a swing of $108 billion.
NEWS
July 10, 2001 | PAUL RICHTER, TIMES STAFF WRITER
The Bush administration's campaign to rebuild the armed forces, already facing resistance from some in Congress and the military, now confronts what may be its most formidable obstacle: a tightening federal budget. President Bush's proposed defense spending increase for next year is the largest since 1985, yet the $33-billion request could be scaled back sharply to fund health, education and other programs, lawmakers and defense analysts say.
BUSINESS
January 30, 1994 | RALPH VARTABEDIAN, TIMES STAFF WRITER
What began for Col. Sandy Mangold as a prestigious Pentagon assignment to recommend cuts in the Air Force's $20-billion spacecraft and nuclear forces budget ended up a rancorous odyssey through an institution trying to come to grips with an austere future.
BUSINESS
August 24, 1991 | From Times Wire Services
The government's fund for insuring bank accounts up to $100,000 "will likely be insolvent" by the end of this year as more institutions fail in the coming months, congressional auditors said Friday. Soon after the General Accounting Office report was released, the chairman of the House Banking Committee, Rep. Henry B. Gonzalez (D-Tex.), said Congress may need to act within 60 days to replenish the Federal Deposit Insurance Corp. fund, which he described as "perilously close" to insolvency.
NEWS
July 9, 2001 | RONALD BROWNSTEIN
It was the South William Faulkner had in mind when he said the past is never behind us--it is never even past. But he might just as well have been speaking about Washington. Few arguments in the capital ever truly end; they just reconfigure to account for new circumstances. The best example is the perennial haggling over taxes and spending--a struggle that's proved equally cantankerous in good times and bad.
NEWS
July 2, 2001 | From Reuters
Congressional leaders clashed on Sunday over the implications of falling estimates of the federal budget surplus, with Republicans denying Democratic charges that they will have to tap Social Security funds to keep the budget in the black. "I hate to say I told you so, but we told you so," Senate Majority Leader Tom Daschle (D-S.D.) said on ABC's "This Week" program. "We know those funds have already been committed. We know we're going to need them.
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