Caught in a Riptide of Red Ink

Despite Reagan's victories, his budget is out to sea

Just as Ronald Reagan was persuading a recalcitrant Congress to make one more $4 billion cut from fiscal 1982 spending, a sour note was sounded. It was riot another anguished cry from those objecting to the pain of the budget knife, although that crescendoing chorus was heard too last week, but a warning from his own economic lieutenants. The economic crusade, they said, suddenly seemed seriously off course, inexorably headed toward the largest deficits in the country's history.

According to the projections brought to the...

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