News In Brief
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.
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.