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Capitol Hill Republicans today vowed to re-write President Clinton's $1.6 trillion spending plan because it projects some $200 billion in annual deficits and fails to balance the budget by 2002. The President defended his budget in part by claiming some of the new spending--$1 billion of it--would go to fight illegal immigration. But the major budget battle lines were being drawn over Medicare, one of several popular entitlements that Clinton did not touch in his proposal to trim $144 billion over five years. Some Democrats also gave Clinton's budget a tepid review, complaining that...
...sign of rebelliousness to come. A fourth of the way through the benchmark 100-day push for their contract, Republicans can count a major House victory with the passage last week of the balanced-budget amendment, which will require an estimated $1 trillion in spending cuts by 2002. It must still pass the Senate, where Democrats want Republicans to detail in advance just where the cuts will fall, and then be approved by at least 38 state legislatures, a more iffy prospect. But whatever the pitfalls ahead, it was the bumpy process of getting it through the House that surprised...
Republicans and some moderate Democrats say that President Clinton's forthcoming $1.6 trillion budget proposal, which slashes federal spending by $144 billion over five years, doesn't go far enough to reach the goal of a balanced budget by the year 2002. In his budget message scheduled for Monday, Clinton is expected to admit that the deficit will probably stay in the range of $190 billion through 2005. Democrats today called again on Republicans to detail where they'd cut spending to meet the zero-deficit goal by 2002; the Congressional Budget Office estimates that would take at least...
Wolff's statistics on the distribution of wealth during the Reagan years are particularly stunning. He calculates that the nation's net worth increased from $13.5 trillion to $20.2 trillion during the rewarding years of 1983 to 1989, and that $3.9 trillion of the reward was captured by the fortunate top one-half of 1%. That works out to a $3.9 million bonanza per wealthy household. Wolff says the last time the national assets were so unevenly distributed was in 1929, just before the stock-market crash...
Wolff's statistics on the distribution of wealth during the Reagan years are particularly stunning. He calculates that the nation's net worth increased from $13.5 trillion to $20.2 trillion during the rewarding years of 1983 to 1989, and that $3.9 trillion of the reward was captured by the fortunate top one-half of 1%. That works out to a $3.9 million bonanza per wealthy household. Wolff says the last time the national assets were so unevenly distributed was in 1929, just before the stock-market crash...