Word: domenici
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...Mexico Republican Pete Domenici, chairman of the Senate Budget Committee, addressed the financial executives in New Orleans last week just a few hours before Reagan spoke. Domenici recommended substantial new taxes as well as trims in the military budget. "I do not believe that a collision between Congress and the Administration is inevitable," he said hopefully and added: "I know that such a collision would be destructive." Perhaps the breadth and depth of displeasure within his own party, especially as Congress reconvenes next week, will make Reagan rethink his unbudging budgetary plans. If he does not, the result could...
...next three fiscal years. The $40 billion represents about the amount by which Social Security benefit payments are expected to exceed tax collections, but the resolution designedly gave no hint as to whether the savings would be accomplished by reducing future benefits, raising taxes, or whatever. Chairman Pete Domenici of New Mexico got the Budget Committee in the Republican-controlled Senate to approve the plan on a partisan 11-to-9 vote...
...compromise, spearheaded by Pete Domenici of New Mexico, chairman of the Senate Budget Committee, calls for increasing tax revenues by $95 billion and cutting spending by $322 billion over the next three years. Growth in defense expenditures would be slashed by $22 billion. A freeze would be placed on discretionary programs, such as health and education, for a savings of $39 billion. Salaries for federal and military employees and cost of living increases in veterans' benefits and pensions would be frozen in 1983 and then allowed to grow at a rate no greater than 4% annually over the next...
...lost control of the budget-making process. At a White House meeting last Monday, Chief of Staff James Baker bluntly told his colleagues: "We've got 48 hours to put together a Republican alternative." In a meeting between Reagan and twelve Republican members of the Senate Budget Committee, Domenici pushed for an updated version of a budget he had proposed last February. The major problem: Domenici still insisted on freezing cost of living adjustments (COLAs) for Social Security this year. Reagan and his aides quickly dismissed that plan as politically suicidal. "We decided not to touch Social Security...
...Reagan's original February budget, 20 to 0. Majority Leader Baker then telephoned James Baker to come to his office. The White House Chief of Staff brought along OMB Director David Stockman and two aides, and in 90 minutes a new budget was hammered out. After Reagan assured Domenici of his support, the Senate Budget Committee approved the plan that evening by a partisan vote, with eleven Republicans for and nine Democrats against...