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Reagan's budget cuts now pegged at 50 billion dollars
Administration officials moving toward the president's February budget submission raise the planned spending reductions for 1986 to about 50 billion. Volcker says 50 billion is the minimum to lower rates, while White House aides caution further revisions are possible before February 4. Despite the rise, deficits are still seen far above the 1988 target. Reagan, in USA Today interview, says he is resigned to holding the largest deficits in history.
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Volcker
Reagan