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By LOU HATTER Rappahannock News Staff Writer “The number one priority of the federal government is to get the deficit down,” asserted Rep. D. French Slaughter Jr. (R-Va./7th) in an interview before the town meeting he chaired last Friday in Washington. Congressman Slaughter said that he is “hopeful, but not optimistic, that Congress will pass a budget” which is within the guidelines set forth by the Gramm-Rudman balanced budget law enacted by Congress last year. The spending reduction mandated by the Gramm-Rudman legislation calls for $36 billion dollars in cuts during the present fiscal year. Congressman Slaughter explained that “Congress must set spending priorities — to stay within the targets (mandated by the five-year budget-balancing law). If no action is taken by Sept. 1, automatic reductions will cut federal programs across the bodrd.” “Most fetfcral programs will be continued...it’s a question of reductions; (of) trying to hold the line...(Congress will) make some reductions in lower priority programs.” Defense funding, Congressman Slaughter said, “should be continued at approximately the same levels. Congress and the executive branch need to cut out waste and fraud in contracts.” In the area of education, “lots of programs will be affected, although at the federal level more in higher education than in public education. I hope that those programs will not be impaired - although they may not see the funding increases as in previous years. Many programs will see no increase (in funding) even though the programs are desirable.” Asked about the radical tax reform bill recently passed unanimously by the Senate Finance Committee, Congressman Slaughter said that he thinks that the bill “has some good points. It eliminates many deductions and shelters...it offers lower tax rates and many fewer tax brackets.” The Congressman added, however, that he feels Individual Retirement Accounts should
(=J Real Estate sii.’zzr, Eileen M. Day realtor DEPOSIT PROTECTION When a real estate buyer and seller agree on the sale of land, it is common practice for the buyer to make a deposit to be applied to the purchase price. Normally this deposit — sometimes called "earnest money" is placed in the real estate agent’s escrow account until closing.
The deposit serves many purposes. In addition to protecting the buyer by demonstrating that he .is serious about purchasing the land, and therefore inducing the seller not to offer the real estate for sale to anyone else, it also protects the seller in case the buyer does not live up to his end of the sale contract. Should the purchaser fail to buy the land as agreed, he will usually forfeit the deposit money. In this way, the seller is compensated for the likelihood of a missed sale because he took his real estate off the market. The deposit of the earnest money in the real estate professional’s escrow account also protects the buyer. If the seller cannot or does not convey the land _or there appears a title defect which cannot be reasonably cured — the deposit money will be refunded from escrow.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We’re here to help.
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