Washington these days is playing a confusing guessing game that might be called What's Our Deficit? or perhaps Can You Top This? Ever since President Ford submitted his budget in February, estimates of the likely red-ink figure for fiscal 1976, which begins July 1, have been escalating at something like a billion-dollar-a-day pace. The President initially proposed a $51.9 billion deficit; six weeks later the Administration upped the figure to $55.5 billion. Earlier this month, Treasury Secretary William Simon warned that the deficit could hit $80 billion.
Shock Effect. Last week the...
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