Brawling over the Budget

On Capitol Hill, politics and deficits make strange bedfellows

The squabbles were ostensibly over the fiscal 1984 budget. But behind last week's skirmishes on Capitol Hill, Democrats and Republicans were in fact scurrying to stake out the political high ground for 1984.

House Speaker Tip O'Neill made the first move. He proposed, "on the grounds of fairness," a $700 ceiling on individual savings from the final 10% installment (taking effect July 1) of President Reagan's threeyear, 25% tax cut. Such a "tax cap" would generate only about $6 billion in federal revenue savings. But the...

Want the full story?

Subscribe Now


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

Learn more about the benefits of being a TIME subscriber

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