Word: slashed
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Dates: during 1980-1989
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...alternative program that accepts the magnitude of Reagan's spending cuts but alters some of their targets and features a restricted program of tax reductions for one year only. Those actions reflect a deep fear in both parties on Capitol Hill that Reagan's proposal to slash income-tax rates by 30% across the board for three years would result in more inflationary deficits...
...came time last week to consider a resolution setting overall spending and revenue targets for fiscal 1982, which starts Oct. 1, the Budget Committee thumbed down the Administration's plan by a vote of 12 to 8. Three conservative Republicans, worried that Reagan's proposal to slash income tax rates by 30% over the next three years would produce enormous, inflationary deficits, joined the Democrats in defeating the bill...
House Budget Committee Chairman James Jones will unveil this week a bud get proposal that would slash spending $4 billion more than the Administration's plan, but with a very different set of priorities. Jones and the Democratic leadership would cut $4 billion out of planned defense spending and $1.5 billion out of energy outlays, for example, while restoring $7 billion of cuts that Reagan wants in such programs as Medicaid, food stamps and child nutrition. On the tax side, the Democrats reject Reagan's threeyear, across-the-board slash in income tax rates in favor...
That characteristically blunt comment sums up the Reagan Administration's side of an intensifying national debate about the President's plans to slash federal spending and taxes. As the draconian nature of the program has begun to sink in around the country, newspaper stories, TV shows and liberal critics in and out of Congress increasingly have portrayed the program as one that redistributes income from poor to rich-specifically by reducing benefits the needy have come to rely on while reserving the program's greatest tax savings for the already well-off. Implicit in much of this...
...that statement. When people are in need or unemployed, they can expect that the Government will help them." Indeed, the Administration has concentrated on more reassuring defenses of its program: that its budget cuts preserve a "safety net" for the "truly needy," and that its proposal to slash all income tax rates by 30% over three years confers roughly equal percentage reductions in all brackets. Critics point out that the savings in dollar amounts are much greater, and more valuable, in the higher brackets than in the lower. Conservative economists argue that only higher-income people can do the saving...