Challenging the Red Sea

Republicans and Democrats search for ways to cut the budget

Up to Capitol Hill last week went Treasury Secretary Donald Regan to defend his President's red-ink budget. Regan soon learned the feelings of his own party. "Last year I was on your ship," said Senator John C. Danforth of Missouri. "But this year I'm on the dock waving bon voyage." And Danforth gave a small wave to Regan.

Rarely has a presidential budget run into such swift and strong resistance from members of the Chief Executive's own party. "Virtually everyone is unhappy," admitted Republican Representative...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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