Word: darman
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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...
...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...
Foley was prepared; he and fellow Democrats George Mitchell and Richard Gephardt, the Senate and House majority leaders, had worked out a presentation in advance. After an hour of discussion, Budget Director Richard Darman wrote out a draft of a formal statement in longhand...
...Democrats left the room to caucus, then returned to ask for some changes. Where Darman had written "it is clear that . . ." the Democrats demanded a change to "it is clear to me" -- meaning Bush, meaning he would have to stand behind the proposals that followed...