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...billion tax cut over seven years. The Clinton Administration has countered with an offer of $130 billion in cuts, while Congressional Democrats and many hard-line deficit hawks say that no cuts should be made until the budget is balanced. House Speaker Newt Gingrich Friday floated a trial balloon on the issue when he said that he would consider a smaller tax cut over a shorter time period. The proposal got a cautiously enthusiastic response from the White House. "The two proposals really suggest that the balanced budget, which looked increasingly unlikely, might not be dead after all," says Tumulty...

Author: /time Magazine | Title: EXCLUSIVE: GOP May Punt on Tax Cuts | 2/2/1996 | See Source »

...country's Ministry of Culture and Islamic Guidance has tried to withdraw the film from consideration for the best Foreign Language Oscar. In response, the Academy of Motion Picture Arts and Sciences said it would not allow a film to be squeezed out because of politics, and The White Balloon remains eligible. All of this political maneuvering distracts from what is a wonderful movie, says TIME's Richard Corliss. "This sly comedy is wonderfully open to life?s coincidences and consequences; it shows an uncondescending interest in children even as it is alert to their gamin guile. Panahi's film deserves...

Author: /time Magazine | Title: Books: Death in the Andes | 2/2/1996 | See Source »

...masterly stroke, allowing Microsoft to wrap itself in Java's aura while at the same time puncture Netscape's over-inflated stock balloon. The market reacted strongly. Sun's stock price jumped sharply; Netscape's fell more than...

Author: /time Magazine | Title: WHY SUN'S JAVA IS HOT | 1/22/1996 | See Source »

...BRUNSWICK, CANADA: Millionaire adventurer Steve Fossett's attempt to be the first person to circle the globe nonstop in a balloon ended Wednesday with a forced landing in a Canadian farmer's field, just 1,800 miles into the trip. The 51-year-old Fossett, who has climbed some of the world's tallest peaks, set records in ballooning and sailing and completed Alaska's 1,100-mile Iditarod Sled Dog Race, lifted off from South Dakota's Black Hills early Monday and immediately ran into trouble. A faulty autopilot system, extreme cold and a dead heater left him with...

Author: /time Magazine | Title: Hard Landing | 1/10/1996 | See Source »

...five-day treks through the West. One hundred winners of a sweepstakes drawing, who must testify they are smokers over 21, will be flown to the train with their guests and receive $1,000 mad money. They will take side trips on horseback, white-water raft and hot-air balloon. They will see private shows by country singers and rodeo stars and savor a guilty pleasure few trains now offer: smoking catarrhs--sorry, smoking cars--galore. There will also be a few smoke-free areas...

Author: /time Magazine | Title: CHUFF CHUFF, PUFF PUFF | 1/8/1996 | See Source »

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