Down with the Deficits

Reagan begins to ease his stance on taxes and arms cuts

If Hollywood were to make a movie of the budget drama now being enacted inside the White House, it might well be titled Reagan Faces Reality. Reluctantly, imperfectly and very belatedly, to be sure. Nonetheless, the key decisions taken last week in an eleventh-hour overhaul of the budget that goes to Congress on Jan. 31 seem likely to meet a modest but all-important goal: enabling Ronald Reagan to present a set of deficit projections for fiscal 1984 and later years that will serve as...

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