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Reagan threatens to veto changes in deficit plan

President Reagan threatened Wednesday to veto the $150 billion deficit-reduction package he supports unless Congress approves it intact - with both spending cuts and minor tax increases.

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Reagan went to Capitol Hill to rally Republican support for the three-year plan to take a slice out of the national debt by slowing the growth of military spending to a 7.5 percent increase this year, cutting social programs, and closing tax loopholes.

Democrats have their own deficit reduction plan, a $185 billion pay-as-you-go document for the next three years that would allow defense and social welfare spending to increase by 3.5 percent only if offsetting taxes are raised.

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