Clinton's Big Budget Bonanza

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WASHINGTON, D.C.: At long last, President Clinton has signed the budget that contains $95 billion in tax cuts or rather, tax loopholes. The President made a show of bipartisanship on the White House lawn with Speaker Gingrich at his side and chances are he won't be using his line-item veto to remove a pro-tobacco provision that Republicans sneaked in at the last minute. Clinton knows that any veto would have caused "political misery," says TIME's Jef McAllister, by undoing the delicate bipartisan balance of the hard-won budget deal. Minority leader Dick Gephardt told the White House he would try, in later legislation, to undo the provision making tobacco industry penalties tax-deductible when nobody's looking.