Exit the Whiz Kid

Stockman heads for Wall Street

Even by the standards of fiscal debates, last week's White House meeting between Ronald Reagan and congressional budget negotiators was unusually tense. The legislators, brought together to work out a compromise, traded charges of stubbornness and irresponsibility. Republicans were dismayed when Reagan caved in to Democratic pressure and rescinded their hard-won limits on Social Security increases. The President, usually a model of affability, blew up when the subject of taxes arose. "Damn it," he cried, slamming down his pencil, "I can't listen to all this." In the midst of the imbroglio sat one remarkably serene and smiling figure: David Stockman, Director...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!