Reagan seeks new ideas to cut spending amid gloom
President elect Ronald Reagan asks aides to present alternatives for trimming federal outlays and reviving the economy as deficits loom at nearly 60 billion dollars for 1981. Stockman and Regan describe a sweeping program including tax cuts, spending cuts, and regulatory reforms to lift growth.
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Budget deficit worse than Reagan expected in 1981 outlook
The outgoing Carter administration warns of an inflation rate above 12 percent and unemployment near 8 percent in 1981. Stockman says the deficit could reach 60 billion dollars, double previous Carter projections, as Reagan prepares to assume office amid high rates and tepid growth.
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