U.S.-Japan Trade Talks Fail
President Clinton and Japanese Prime Minister Morihiro Hosokawa, meeting in Washington, failed to reach an agreement on trade. The Administration had sought "objective standards" by which the opening of the Japanese market to U.S. companies could be measured. But Hosokawa said Clinton's request would lead to "managed trade." Clinton conceded, "I have no idea what will happen from here on in. This is a serious problem."
Clinton Releases Tight Budget
President Clinton sent a proposed $1.5 trillion budget to Congress that forecasts a deficit of $176 billion. Severely restricted by congressionally mandated limits, the budget increases...