The Budget: Blood, Sweat and Tears

Preparing for more bone-tiring battles over the budget

"Americans have not seen for many years a successful fight on inflation, or balanced budgets, or so massive a tax reduction. A lot of bets on the future are still being hedged against the possibility that you, and we, will not carry through."

—Federal Reserve Chairman Paul Volcker

The Fed chief was testifying to the Senate Budget Committee, but he might as well have been addressing Ronald Reagan. Not that the President needed the warning. As he prepared for a speech this week announcing a new, and...

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