Magazine content is available exclusively for TIME subscribers.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.
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