The Nation : $1-Trillion Budget Slated

President Reagan’s Cabinet was presented with the first $1-trillion spending plan in history, a fiscal 1988 budget proposal the President’s chief economist says will be “accompanied with a lot of pain.” Beryl W. Sprinkel, chairman of the Council of Economic Advisers, told a conference sponsored by the conservative American Enterprise Institute, that the pain will come in the form of more than $50 billion in spending cuts and other savings designed to meet the $108-billion deficit target set by the Gramm-Rudman budget-balancing law. The President will submit his budget to Congress on Jan. 5.