Word: darman
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Dates: during 1990-1999
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...biggest strike against the Democrats is their continued refusal to accept domestic-spending reductions. When Budget Director Richard Darman suggested 47 cuts in health care, agriculture subsidies, federal loan guarantees and other giveaways good for $16 billion in savings next year, Panetta countered with a "core package" of reductions worth only $5.6 billion. Paltry though his offer was, Panetta lacked much support from fellow Democrats for even those meager measures. "None of our guys were ready to do that much," said a Democratic participant. Meanwhile, loyalty on the Republican side has broken down, especially on taxes. In recent weeks...
...Bush and Darman believe they have already said too much about taxes without getting anything in return -- and aides point to the President's slipping approval ratings to prove it. In fact, the Administration's inept handling of its plan to cut back state and local income tax deductions two weeks ago sped the talks' collapse. At one point, both sides were close to pulling off what Darman calls "a no fingerprints" budget, in which each party simultaneously put forth complete budget plans. By doing so, says one aide, "no party could take advantage of the other." But the immaculate...
Scrambling to control the damage, Administration officials tried to mask that miscalculation by claiming that the Democrats had reneged on the bargain. But Gephardt told Bush at a White House meeting Tuesday that not only had there never been a deal but that Darman had not presented a full proposal either. As Panetta said later, "We did not pledge that every time the Republicans slit their wrists we would slit ours...
...idea appears to have the support of both Budget Director Richard Darman and Treasury Secretary Nicholas Brady. Darman is intrigued with the idea because he knows he must raise taxes on wealthier Americans if he is to win Democratic support for Bush's cherished reduction in the capital-gains tax; he also knows that Bush is loath to raise income taxes to achieve this. Brady, on the other hand, has long objected to the quick turnover of securities by stock- and bondholders. Ever since he headed a blue-ribbon panel that investigated the 1987 Wall Street crash, Brady has waged...
Bush officials dismiss such fearmongering, saying the market is protected from the sort of dive it took in 1987. And despite the cries of pain, several generals in Wall Street's jihad against Darman and Brady acknowledged that they could live with a smaller increase, perhaps two-thirds of 1% of a - transaction's value, which would raise $2 billion to $3 billion a year. Wall Street knows that the only thing worse than a tax on trading is a sick economy...