He did this by cutting revenues without making a matching cut in expenditures.

Nike said higher costs had cut revenues, reflecting advertising expense for the introduction of several new products.

Instead we passed the "balanced budget," which increased spending for the next year by $52 billion and cut taxes or revenues by $95 billion.

Managers of places in all price ranges said the devalued lira and economic uncertainty had cut revenues deeply.

The cuts are intended to reduce expenses by $430 million a year, while cutting revenues by only $66 million.

Falling oil prices have cut national revenues.

The dollar's strength abroad cut overall revenues by about 2 percent, except at Pfizer, where the foreign exchange impact was 5 percent.

Mr. Moynihan's reasons for cutting revenues of a program that he depicts as near bankrupt are political.

"They may have prevented taxes from rising, but none of them went as far as she is proposing in cutting revenues."

Now he is back at the drawing board, figuring how to cut $1.7 billion of expenses by the end of 1992 without also cutting revenues.