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House Republicans are eyeing a politicallyrisky plan to cut $305 billion from Medicare, congressional aides said today. The GOP feels that the cuts are necessary if they are to fulfill their pledge to balance the federal budget within seven years. The strategy -- under discussion this week at closed-door meetings among Republican members of the House Budget Committee -- may include incentives to enroll in less costly, managed-care plans, as well as higher fees for upper income recipients. Senate Democratic Leader Tom Daschle, who expects to face down similar GOP proposals in the Senate, went on the attack...
...steadfast deficit hawks -- today proposed legislation to permit Americans to deduct every dollar they save and invest. The plan, asimplification of the tax codealong the lines of the Individual Retirement Account, arrives just as federal income tax reform is shaping up as a major issue in the1996 presidential election. GOP senators and White House hopefulsRichard Lugar of IndianaandArlen Specter of Pennsylvaniahave already embraced a "flat tax," andBob Doleis thinking it over...
TIME Washington correspondent Suneel Ratansays Domenici -- the Senate's chief budgeteer -- plans to announce Thursday his plans for cutting an "unimaginable" $1 trillion from projected federal spending over the next seven years in a bid to fulfill the GOP promise to balance the budget by 2002. Roughly a third of those proposed cuts are expected to come from projected Medicare spending. Ratan says that both parties believe such cuts are necessary, and now Domenici is throwing down the gauntlet...
Visiting Iowa today ten months before the presidential caucuses, President Clinton promised to protect farm subsidiesfrom the deep cuts proposed by the GOP. While Clinton wants to cut the $10 billion program by $1.5 billion over the next five years, Sen. Richard Lugar (R-Ind) has suggested cuts ten times as large. The President stressed that planned GOP spending cuts target programs needed by small family farms...
Hours before the Oklahoma City bombing dwarfed partisan politics, President Clinton launched an attack on the GOP, insisting he would not be "blackmailed" by House Speaker Newt Gingrich's threat to attach GOP bills to budgetary measures that Clinton would have difficulty vetoing. "A strategy to sort of put me in a box would be an error because I will still exercise the power of the presidency in the interest of the American people," Clinton said at an Oval Office photo-op, reprising his Wednesday press conference theme that the president is "relevant." If Gingrich tied controversial "Contract With America...