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32 Tax Foundation's Washington News 1 (1980)

handle is hein.tera/wingnews0034 and id is 1 raw text is: TAX FOUNDATION'S WASHINGTON Sded March 19, 1980 Vol.32 me1 REDUCING THE FEDERAL BUDGET President Carter announced on March 14 the fourth anti-inflation program of his Administration. While the President's proposals could possibly have a significant impact on a number of areas of economic activity, a great deal of attention has been devoted to his announced intention to reduce the Federal budget. The President announced that he will propose reductions of $2 billion in the current FY 80 budget and that he will revise his recently submitted FY 81 spending plan, including a proposal to reduce outlays by $13 to $14 billion, so that the budget for next fiscal year will be in balance. According to the President, his budget initiatives resulted from sharp rises in the January Consumer Price Index and the February Producer Price Index. While the specifics of the Carter budget cuts have not been announced, the Administration has been discussing and negotiating for the past two weeks with Congressional leaders, other government officials, and interest groups on the reductions. This process has resulted in contradic- tory reports on what cuts will be proposed. For example, the Administration seems to be vacillating on whether the state government allotment of Revenue Sharing should be eliminated. While some of the President's proposed reduc- tions will be announced this week, others will wait until after the March 25 New York primary, which could be Senator Kennedy's last chance to overtake the President for the Democratic nomination. The fact that some of the reductions will not be announced until after the primaries of industrial states Illinois and New York suggests that cuts will be proposed in urban and poverty programs. The Administration Proposal Some elements of the Carter proposal are certain. They include a reduction of 20,000 Federal civilian employees over the next seven months; withholding of taxes on interest and dividends; and the elimination, reduc- tion, or postponement of a number of programs, such as: the Solar and Conservation Bank, the new EDA Development Financing program, mass transit capital grants, and welfare reform initiatives. The White House also issued a supplementary list of outlays which the President may recommend cutting. Among others, these include foreign aid, National Science FoundaLion applied research, mental health and alcohol services, the Agricultural Conservation program, export loans, airport programs, urban park grants, and space science.

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