Word: tax-cutting
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...Democrats to restore a long list of spending cuts the House had approved, including $1.5 billion from education and $900 million from home energy assistance for the poor. Mindful of their image problem, it's likely that Republicans will also retreat somewhat over the next few weeks from their tax-cut pledge, at least to the extent of reining in breaks for families with adjusted incomes above...
...there is a key to the impasse, the difference of almost $150 billion between the Clinton and House G.O.P. proposals for cutting Medicare, it may lie partly in a retreat by Republicans from their tax-cut pledge. By saving billions of dollars, a smaller tax cut would allow the Medicare cuts to be somewhat smaller. But that is a fallback position, many weeks away. Until then, many threats will be made and bluffs will be called. And Americans will come to realize that the breaking up of gridlock is not a quiet process...
Meanwhile, Republicans in Congress are casting their own budget plans in recession-busting terms. Armey, a confirmed supply-sider, says a potential recession is more reason for the House to stand firm on big tax cuts. Republicans in the Senate, where they are skeptical about the House's tax-cut arithmetic, say it's more important to deliver on deficit cutting. Wall Street would like that too. And those crucial consumers-also known as voters? Ask them in November...
...Phil Gramm (R-Tex.)threatened to block his own party's budget if it does not cut taxes for families and investors. "This is a defining moment for our party and for our country, and I will cut no deals with America's future," Gramm told a United States Junior Chamber of Commerce meeting in St. Louis. "If they negotiatea budget with no family tax cuts and no incentives for growth, I will stop it cold." Gramm, who failed to gain support for a tax-cut package similar to the $350 billion House package, noted that Senate Majority Leader...
...mammoth "reconciliation" bill must be signed by President Clinton, or passed over his veto. During the months of wrangling to come, some proposals will surely be modified. The House g.o.p. may not get as big a tax cut on upper incomes as it wants, since its $340 billion tax-cut package means it will have to cut at least that much more in spending. Proposals to cut back Medicare and Medicaid, already the flash point of attack, may be softened. "We're going to focus on their vulnerabilities," says California's Vic Fazio, a member of the House Democratic leadership...