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Budget gridlock prompts possible tax hike in 1986
Congress debates a balanced budget plan that could trigger a tax increase in 1986. GOP leaders are split on Reagan’s call, with discussions focused on deficit reduction, the superfund renewal, and an omnibus funding bill to keep departments operating. President seeks a 3 percent military spending rise with no tax rise, while lawmakers weigh trimming 30 to 50 programs to reach a $144 billion deficit target for FY 1986.
MENTIONED IN THIS ARTICLE
Reagan
Congress
Bob Packwood
Senate Finance Committee
Dole