It was only the opening round in what seems likely to be a yearlong battle over the budget, but Ronald Reagan threw his hardest knockdown punch. The President called reporters and cameramen into the Oval Office to witness his veto of a bill that would have extended about $2 billion in additional federal loan guarantees to debt-burdened farmers. Said Reagan: "Someone must stand up to those who say, 'Here's the key, there's the Treasury, just take as many of those hard-earned tax dollars as you want.' " Moreover, he pledged, "I will veto again and again until spending is brought under...
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