Word: darman
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Dates: during 1990-1999
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...heated by the crisis in the Persian Gulf. The threat of war dimmed the prospects for taxes on stock-market trades or energy consumption. Rising oil prices and the specter of new inflation even moved opportunistic House Republicans led by Newt Gingrich to call for new tax cuts. "Everyone," Darman said in mid-August, "is looking for an exit...
Near the end of August, Darman drafted a speech for Bush linking the Persian Gulf crisis with the budget. Darman argued that the economic pressures caused by the Iraqi invasion made getting the deficit under control more important than ever. He envisioned reconvening the negotiators after Labor Day and cutting a deal in time for an announcement on Sept. 12, after Bush returned to Washington from a speedily arranged summit meeting with Mikhail Gorbachev...
With the deadline for the dreaded sequestration 20 days away, Darman's latest scheme proved too optimistic. When the negotiators finally sat down for 11 days at Andrews Air Force Base on Sept. 7, little was accomplished. Byrd, for example, demanded a $50 billion kitty for unspecified domestic spending. Several members -- Senators Robert Dole and Jim Sasser and Representative Silvio Conte -- often refused to work late. Air Force stewards larded buffet tables with so many roasts and desserts that, when asked what Andrews produced, one White House official replied, "expanded waistlines." When Bush gave his nationwide speech, the budget took...
Meanwhile, Darman tried a new tack. He revised his capital-gains proposal, suggesting that the rate be lowered from 19.6% to 15% in the hope of spurring a compromise with the Democrats at around 17% or 18%. The Democrats were willing, but only if Bush agreed to eliminate the "bubble," an irregularity in the income tax code that lowers the rate on earnings over $500,000 from 33% to 28%. In fear that Republicans would revolt again, Bush refused to budge on rates. At one point, Sununu discussed adjusting the tax brackets so that the lower rate would apply only...
...Darman kept quiet. It was part of their routine...