Medicare compromise sparks partisan debate over budget deal
The $134 billion budget compromise with five-year tax hikes and $119 billion in cuts faced mixed reactions in Congress. Republicans argued it eases Gramm Rudman, while critics warned it taxes the middle class and hurts the elderly. President Bush pledged to sell the deal to the public amid GOP divisions.
MENTIONED IN THIS ARTICLE
Gomieling
Senate
Bob Dole
Ryan
Dana Rohrabacher
Calif
Charles Rangel
Manhattan
Ralph Regula
Ohio
Bush
Newt Gingrich
Georgia
Gramm-Rudman
Federal Reserve
Treasury
Martha McSteen
The
National Committee To Preserve
Social Security
Medicare
Plan Would Add 134 Billion In New Taxes Over Five Years
A proposed budget pact would raise 134 billion dollars in new taxes and fees over five years. It includes higher gasoline, petroleum, alcohol, tobacco, and cigarette taxes, plus airline ticket taxes, expanded payroll taxes, Medicare premium boosts, and a luxury tax. Seniors face higher thresholds and deductions tighten.
MENTIONED IN THIS ARTICLE
Washington
America
IRS
Treasury
Songeemenal
Medicare
Experts Say Plan Won't Cure Deficit
Economists question the reliability of revenue and spending forecasts behind the deficit agreement. Some warn growth, inflation, and interest rate assumptions may prove unsustainable, and a Gulf war could force leaders to sidestep painful deficit measures. Public support looks unlikely to rise.
MENTIONED IN THIS ARTICLE
Alan Levinson
Wefa Group
H. Erich Heinemann
Ladenburg, Thalman and Co
Wall Street
Heinemann
Persian Gulf
Budget battle leaves Bush under pressure in budget deal
Washington group in Rose Garden reacts to a budget accord seen as unfavorable to President Bush and congressional leaders. The deal sparks Democratic and Republican strategizing over political fallout, with focus on capital gains tax policy and long term economy. Democrats tout protection of Social Security and fiscal restraint as they resist tax cuts for the wealthy amid a potential 1992 election dynamic.
MENTIONED IN THIS ARTICLE
White House
House
Senate
Bush
Washington
Rose Garden
Persian Gulf
Congress
Stnato
Jim Sasser
D-Tenn
Republcans
Bush Plan For Deficit Pact Triggers Debate Yet Fails Source Fix
President Bush unveils a 134 billion deficit reduction plan with tax hikes and spending cuts to last five years. Darman cites weak economy and rising loan costs as deficits loom above 294 billion even if package passes. Conservatives split, Newt Gingrich rebuffs photo, and Senate filibuster fears loom as public push continues.
MENTIONED IN THIS ARTICLE
Senate
Also Mentioned on This Page
Wyche Fowler Jr
D-Ga
Pete Domenici
R-N.m
James Sasser
Thomas Foley
Wash
Scripps Howard News Service
Brusca
Edward Yarden
Prudential Bache Securties
Robert Mrazek
D-Ny
Verwr Olas Brady
Richard Lerman
Duggy Mass Combatance
Grammudman-Hollings
Key Can
Ional
White House Rose Garden
AICO
Richard Darman
Roe
Midwest
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