THE ADMINISTRATION: The Budget Chief's Balance Sheet

Bert Lance, the amiable Georgia banker and longtime friend of Jimmy Carter who is director of the White House's Office of Management and Budget, has become one of the new Administration's strongest advocates for conservative fiscal policies. But Lance's own financial position is far from conservative; he is, in fact, hip deep in debt. Says Dan Pattillo, one of Lance's banking and personal friends in Georgia: "I couldn't sleep nights if I had to service debts like Bert's."

Before Lance was confirmed as OMB chief by the Senate in January, he filed a statement with a Senate committee listing his...

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