Word: hiked
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...deficit depressed Wall Street, alarmed businessmen and created a civil war among President Reagan's advisers. Treasury Secretary Regan argued that strong growth and spending cuts would take care of the budget gap, but Martin Feldstein, chairman of the Council of Economic Advisers, publicly maintained that a tax hike was needed. Said Feldstein, who resigned in July to return to teaching at Harvard: "The longer the deficits are allowed to persist, the greater are the risks to our economy...
...initial move early in 1985 by proposing a new round of cuts in domestic spending. But the Democrats, and some Republicans, are not likely to go along unless the White House agrees to curb military spending and raise taxes. For the moment, Reagan is adamantly against a tax hike. Despite the urgency of the challenge, Congress and the White House seem no closer to resolving the budget dilemma than when it first arose in 1981. Only by breaking the gridlock can they ensure that the prosperity of 1984 will be a prelude to more good times ahead...
...teachers want a real pay hike, and at one negotiating session last week they outlined possible cuts in student services that would pay for the raises. "Enough! No more! That's it!" cried Board Member Betty Bonow. "I won't make any more cuts." The union negotiators were exasperated too. "God," sighed one as she left Wednesday night's session, "if only Daley were alive." During Mayor Richard Daley's highhanded 21-year reign, when Chicago was calling itself "The City That Works," teachers went out on strike several times, but he personally intervened each time...
...years, Dole has been chairman of the Senate Finance Committee, where he pushed through a major revision of the Social Security system and three tax bills. In 1982 he held weary committee members in an all-night meeting to grapple with a specific provision of a $100 billion tax-hike bill. He then persuaded a coalition of Republicans and Democrats to pass the bill over the protests of practically every special interest in Washington...
Lower rates, no tax hike for anyone and no loss to the Treasury? It all appears to be a mirage. And it is. Even though Congress is not in session, lobbyists are already calling on staff experts and members of key tax-writing committees to press arguments against eliminating special-benefit tax breaks. Business interests are gearing up for an assault against reform on the logical assumption that they might have to pay more in taxes. Indeed, the realization is dawning that millions of Americans will have to pay more under any reform plan that could be passed by Congress...