Share this story
Close X
Switch to Desktop Site

News In Brief

Deficit-cutting package hews to Reagan's hopes

The White House said Thursday the $63 billion in tax increases and spending cuts that Congress approved lives up to President Reagan's expectations as a first step toward reducing the budget deficit.

About these ads

Mr. Reagan, who requested a $100 billion down payment on the deficit over the next three years, is expected to sign the legislation, because it combines tax increases and spending cuts and does not tamper with personal income tax reductions.

On Thursday, the Democratic-led House twice rejected an increase in the federal debt ceiling needed to keep the government's borrowing authority alive.

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.