THIS WAS THE BUDGET PLAN, YOU'LL REMEMBER, that would cut the federal deficit in half -- to $205 billion -- by 1997. When the numbers were released in the White House's first official budget proposal last week, they made clear that Bill Clinton is counting heavily on new taxes, particularly in the first two years, to do the job. In its first year, the budget does not cut government spending at all but simply shifts funds from defense, energy and agriculture to health and other social programs.
The plan will be a tough sell for Democrats, who must find $66.7 billion...
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