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1 [i] (1976)

handle is hein.amenin/aeiaatk0001 and id is 1 raw text is: THE FEDERAL BUDGET: WHAT ARE THE NATION'S PRI- ORITIES? pits two of the nation's most respected budget experts in a debate on the federal budget for fiscal year 1977. James T. Lynn cautions that the country cannot stand annual increases of 10 to 11 percent in spending- like those occurring in fiscal 1975 and 1976-and argues that the administration's 5.5 percent increase to $395 bil- lion for 1977 would reduce the deficit, stimulate business and consumer confidence, and thereby promote growth in the private sector. In his view, the major programmatic initiative in the President's budget is the proposal to con- solidate grants-in-aid into large block grants locally ad- ministered. Charles L. Schultze also favors consolidation of grants-in-aid but opposes the administration's recom- mendation that the dollar value of the grants should be reduced in the process. Schultze contends that if Con- gress approves the President's budget as submitted, and if the economy grows at its average pace for previous post- war recoveries, the unemployment rate will still be roughly 7 percent by the end of 1977. He recommends that federal spending be increased to about $415 billion to promote more rapid economic recovery. James T. Lynn became director of the Office of Manage- ment and Budget in 1975, after serving for two years as secretary of housing and urban development. He moved to Washington in 1969, as general counsel for the Depart- ment of Commerce, after practicing law in Cleveland. Lynn holds degrees from Western Reserve University and Har- vard Law School. Charles L. Schultze, a senior fellow with the Brookings Institution, was assistant director and then director of the Bureau of the Budget from 1962 to 1968. He also serves as chairman of the board of the Urban Institute and as professor of economics at the University of Maryland. He holds degrees from Georgetown Uni- versity and the University of Maryland. American Enterprise Institute for Public Policy Research 1150 Seventeenth Street, N.W. Washington, D.C. 20036 ISBN 978-0-8447-2085-2 I IIII I I 910 000 9 780844 720852

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