Advertisement

The Nation

December 02, 1987

The Senate Finance Committee began its search for $23 billion in specific new taxes needed for a deficit reduction plan already outlined by congressional leaders and the White House. That plan requires $76 billion to be trimmed from the federal deficit over the next two years, $23 billion of it in the form of new taxes. But the White House aides and lawmakers who negotiated the agreement did not specify the exact sources of the tax money. Finance Committee Chairman Lloyd Bentsen (D-Tex.) said panel members agreed to temporarily give up their right to add to any major tax bill special tax-cut amendments that would cost the government money.

Advertisement
Los Angeles Times Articles
|
|
|