Word: importance
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...broad outlines of corrective surgery are clear enough. One element would be a tax increase, perhaps taking advantage of the drop in oil prices to impose an oil-import fee and gasoline tax. The rest of the savings would come from cuts spread more evenly across the board--including defense and even Social Security, which is exempt from the automatic reductions required by Gramm-Rudman...
Many senior members of both parties in Congresshave expressed doubts that the federal budget canbe balanced with spending cuts alone as Reaganprefers. Senate Republicans have recently urgedReagan to consider a compromise including some newtaxes--possibly an oil import...
Signing the budget proposal in the Oval Officetoday, Reagan held open the possibility ofapproving an oil import fee to offset any revenuelost by changes in a tax overhaul bill pending inthe Senate. "I've said that I'm willing to look atthat, on that basis," Reagan said...
...forestall such developments, Congressmen from oil and gas states are seeking an oil import fee to raise the price of foreign crude and protect the U.S. energy industry. Says Democratic Senator David Boren of Oklahoma, who last week wrote Reagan urging him to support the plan: "If prices fall further, it will bring our exploration to a screeching halt." At Boren's request, Oregon Republican Bob Packwood, chairman of the Senate Finance Committee, agreed last week to hold hearings on the proposal...
...Administration, however, is squarely against anything of the kind. Reagan has rejected such ideas in the past, and is unlikely to abandon his well-known opposition to tax increases. Said Herrington: "I do not believe an import fee is called for. It's a tax." Instead of taxing oil, the Energy Secretary wants to spur exploration by giving oil and gas firms new tax breaks...