Word: vetoes
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Although the bill will likely face a veto by Clinton should it reach his desk, Democrats and "compassionate conservatives" like Bush should not hesitate to distance themselves--even in an election year--from what is clearly a sprawling tax cut. The fact that the Democratic alternative was conditioned on the development of a long-term plan to address debt reduction, Social Security and Medicare indicates that there are better uses for federal money than a large, regressive tax cut that mainly benefits the wealthiest 30 percent of married couples, many of whom are not subject to the marriage penalty...
...have triumphed on at least one front. Wednesday, the House of Representatives voted to adopt the Republican-sponsored Marriage Tax Elimination Act, which would cost the government $182 billion and return an average of $1,400 to the pockets of married couples each year. President Clinton has vowed to veto the act, but House Republicans are chalking up a victory anyway. "This has been a Republican sticking point for a long time because they know how popular it could be with the electorate," says TIME senior economics writer Bernard Baumohl. "And now it looks like the Democrats have decided...
...phony bipartisan will not last. Senate Republicans immediately said they would scotch the amendment when they confer with House leadership to iron out the differences between this bill and an earlier debtor-default bill passed by the junior chamber. Add to that the threat of a White House veto - over concern that the bankruptcy provisions are too harsh and that the minimum wage increase should be phased in more quickly - and you can bet this bill will be taking several more twists and turns...
...political pressure on the administration - and could augur badly for President Clinton's efforts to win legislative support this year for permanently normalized trade relations with China - the Taiwan Security Enhancement Act remains unlikely to win the two-thirds Senate majority needed to immunize it against a likely presidential veto. Still, the response to Lee's comments last year suggest that Beijing takes election-year rhetoric very seriously - and to make matters worse, Taiwan goes to the polls in March. Of course, Beijing might be less spooked by election-season grandstanding if it held elections...
...nomination of Swedish diplomat Rolf Ekeus to head up a new U.N. weapons-monitoring commission in Iraq. Ekeus, a former head of the soon-to-be-disbanded UNSCOM, had been widely viewed as being both sufficiently diplomatic and sufficiently forceful to get the job done, but the Russian veto reflects deep divisions in the Security Council over the future of sanctions against Iraq. "The U.S. wants the new monitoring system as a basis to maintain sanctions against Iraq," says TIME U.N. correspondent William Dowell. "But the Russians and the French are deeply opposed to sanctions, and favor a fairly toothless...