Word: darman
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...political results. Last week Bush gave them their most unequivocal direction so far: he showed them the door. As a political sacrifice play, the beleaguered President put out the word that in a second term he would replace his economic team, including Treasury Secretary Nicholas Brady, Budget Director Richard Darman and chief economist Michael Boskin. To fill the void, Bush said he would appoint chief of staff James Baker as domestic policy boss...
...soon as George Bush won the presidency in 1988, he began planning how and when he would violate his most memorable campaign promise, "Read my lips: no new taxes." Even as he unveiled that pledge in August 1988, Bush knew -- and was reminded by Darman -- that he, like Ronald Reagan, would end up raising taxes to avoid cutting popular middle-class spending programs. In preinaugural interviews, Bush pretended that he was only just discovering the economic time bombs represented by the federal budget deficit and the national debt. "I've started going into the numbers, finally," Bush told TIME...
...DARMAN: The numbers are absolutely absurd. I know no one anywhere who says you can get savings like that without draconian rationing...
...DARMAN: Competition. We say the combination of competition, coordinated care and emphasis on prevention would produce about $45 billion, so that's up to about $80 billion saved there. Now, our tax credits and other tax benefits would cost almost $100 billion over 5 years, so we're short except for this. Under our system, we would insure virtually everybody in the system, and as they come into emergency rooms they would come in automatically insured...
...DARMAN: Is Clinton for the payroll-tax increase to pay for this? It was estimated to be a 7% to 9% tax. If he is for it, how is that going to be good for small business? If he's not, how does he finance his universal health-care coverage? Is it magic...