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Welcome to the second 100 Days. The confrontation was merely a taste of what Dole and Gingrich can expect as they begin the hardest part of their agenda: facing the enormous political risks involved in slashing Medicare and an array of other sacred-cow government programs to balance the budget and pay for the tax cuts Gingrich has termed the "crowning jewel" of the Contract with America. Indeed, there was cold sweat at a no-press-allowed retreat in suburban Virginia at week's end, where G.O.P. House members had to go to secure conference rooms to read numbered copies...
...Administration could then tag as an effort to balance the budget on the backs of senior citizens -- much as it scored points off earlier Republican efforts to reform the school-lunch program. In January's State of the Union speech, Clinton said he would not allow the Republicans to slash Medicare to pay for tax cuts, a line he took up again in a speech before 2,200 senior citizens attending the decennial White House Conference on Aging -- as it happened, the day after Dole and Gingrich's fiasco. "The Republicans promised they could balance the budget, cut taxes...
...main reason is that lenders and potential partners worry that the company could be caught in an auto-industry downturn that would slash profits and the value of their investments. Chrysler recently reported first-quarter earnings of $592 million, down a steep 36% from the same period a year ago. Further declines in business could hit Chrysler particularly hard under the plan advanced by Kerkorian, which would load up the company with $10.7 billion of new debt while draining $5 billion from its $7.5 billion of cash reserves to help pay for the buyout. Chrysler has done its part...
...accused the White House of holding the $175 billion Medicare program "hostage" to its insistence on broader health reforms. But Health and Human Services Secretary Donna Shalala, testifying before the panel, fired back by suggesting the GOP was simply exaggerating Medicare's fiscal problems as an excuse to slash $300 billion by 2002 in order to fund tax cuts and balance the budget...
...Sabres Slash Whalers...