Reagan signals openness to new tax cut talks
Budget director David Stockman acknowledged the three year 30 percent tax cut may be a preference rather than a fixed commitment. He noted discussions with Democrats while stressing no deal and warned against early headcounts as the administration weighs new proposals. The president remains opposed to a one year cut.
MENTIONED IN THIS ARTICLE
Washington
Ess
David Stockman
Office of Management and Budget
Stockman
Congress
White House
James A. Baker III
Reagan
House
Senate
Cities face deficit budgets in major survey
Half of the nation’s cities surveyed for a congressional panel ran deficits last year and over three quarters expect red budgets this year. Large cities face the worst fiscal trouble with rising costs, inflation, and possible federal aid cuts. Capital spending rose 19.4 percent, but the study warns of higher taxes and urban emigration if federal support remains limited.
MENTIONED IN THIS ARTICLE
Washington
Joint Economic Committee
Henry S. Reuss
D-Wis
Reuss
Reagan
Boston Mayor faces near bankruptcy amid Prop 22 drag
Boston Mayor Kevin White fights to keep the city solvent as a $75 million borrowing plan stalls. Council demands spending limits and recall protections while Prop 22 slices about $90 million from next year’s budget. White warns the city could run out of money by July if bills must be paid.
MENTIONED IN THIS ARTICLE
Boston
Kevin H. White
Camelot
Cleveland
White
New York
Reagan plans new budget cuts to curb 1981 deficit
President Reagan prepares another round of budget reductions as spending overshoots the 1981 deficit beyond 60 billion dollars. Officials say the plan will avoid big eye catchers and seek about 5 billion in savings, with proposals including delaying military pay raises and social security adjustments.
MENTIONED IN THIS ARTICLE
Washington
Reagan
Administration
Treasury
Donald T. Regan
Office of Management and Budget
David A. Stockman
Richard Schweiker
Also Mentioned on This Page
Girds
House Armed Services Committee
Sears
Sears, Roebuck and CO
Carbondale
University Mall
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