Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 4 · column 3 of 6 · from the scan, no model involved
To the editor:
We want to publicly express
our appreciation to the Sperryville
Volunteer Rescue Squad for
lending us one of their rescue
units while ours was out of servGramm-Rudman
deficit target is by decimating valuable defense and domestic programs. The Congressional Budget Office has projected, however, that as long as spending does not increase faster than 3.5 percent annually, it is possible to meet all Gramm-Rudman targets without any tax increases.
What makes this possible is the tremendous growth in federal tax revenues. The Congressional Budget Office projects that tax revenues will be rising by $298 billion between 1989 and 1993, almost $75 billion annually. So long as spending does not increase as fast as revenues, the deficit will fall. Government spending can increase by more than $40 billion every year and it will still be possible to meet Gramm-Rudman without a tax increase.
Instead of reducing a deficit, a tax increase would result in higher levels of spending. For instance, what would be the effect of a tax increase, beginning in 1990, which increased revenues 2 percent annually ($20-25 billion per year)?
89.6%