Up Go the Trial Balloons

New tax and spending plans draw heavy fire

Taken together, the two plans would add up to as ambitious a domestic program as any U.S. President has ever proposed. If enacted, the sweeping tax reform outlined by the Treasury Department last week, and the draconian cuts in federal spending suggested by budget planners, would put Ronald Reagan's mark on the U.S. economy, and on American society, for a generation or more.

So much for theory. Now enter reality: the tax and spending plans look like two of the biggest trial balloons ever floated. It is...

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!