Senate approves budget plan amid partisan clash
The Senate approved a White House backed budget with deep social cuts and 107 billion in tax increases over three years, producing a 116 billion 1983 deficit. The 49 43 vote sparked Democratic protests over elderly and education programs while GOP leaders labeled amendments as election driven. Only three Democrats supported the blueprint and two Republicans defected. Vladislav Nazarov told a World Trade Conference the Soviets seek mutual economic ties with the United States. Richard Heldridge named director designate for the Export Import Bank.
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Reagan vows to veto budget-busting spending bills
President Reagan, aiming to keep his economic course, told advisers he is eager to veto budget-busting measures edging through Congress to counter the recession. A $1 billion annual mortgage subsidy plan and a $1 billion job-creation bill face swift moves, with House support strong and Senate backing anticipated. The outcome could raise the 1983 deficit beyond $100 billion.
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Reagan endorses Senate bill to fix grain elevator bankruptcies
President Reagan backs a Senate passed bankruptcy reform aimed at aiding farmers like Wayne Cryts who faced jail after a Missouri elevator bankruptcy. The bill would give farmers priority with creditors and cap court action time, addressing inequities critics say current laws create. Cryts was jailed for contempt after refusing to identify helpers in removing his soybeans.
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