Word: rostenkowskis
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...President and Congress get away with letting the government screech to a halt because they can't get serious about budget reform. He wouldn't let the budget pass without a tax increase for the wealthy. Huey would demand a greater redistribution of wealth; Rep. Dan Rostenkowski (D-III.) would get his budget plan passed immediately if Huey were still around...
Long's redistributionary rhetoric, of course, is much more radical than anything you hear in Washington these days. Proposals for a 10 percent surtax on people with incomes of over $1 million (currently in Rostenkowski's budget plan) or a 50 percent marginal tax on unsaved income over $100,000 are more politically viable (not to mention economically feasible) than Long's ideas...
When the budget options are a large tax increase on the wealthy, a slight increase and no increase at all, the slight increase--as proposed by the House Democrats--becomes a logical compromise. Long's extremism would be perfect for supporters of the Rostenkowski plan...
...Thursday night debate approached, it briefly appeared that the wooing by Foley and Gephardt would pay off. Ways and Means chairman Dan Rostenkowski, whose committee writes tax legislation, pledged his support with the understanding that he would be able to tighten the proposed investment loophole. It appeared that some Democrats would even be willing to vote for the package in the absence of a Republican majority. Predictions seeped out of the Speaker's office that supporters would probably prevail by the narrowest of margins. If the nose counters could not forecast the critical number -- 218 -- they would delay the showdown...
Huddling after the stock-market crash, Illinois Congressman Dan Rostenkowski and Silvio Conte search for long-term cuts...