Chiles’ Budget Seeks $1.8 Billion in New Revenues
The head of the Senate Budget Committee introduced an alternative to President Reagan’s $1-trillion budget proposal today, calling for $18.5 billion in new revenues and taxes to help shrink the federal deficit.
Sen. Lawton Chiles (D-Fla.) did not specifically mention new taxes in the outline of his spending plan for fiscal 1988, which begins Oct. 1. Instead, he listed $18.5 billion in revenue increases for fiscal 1988 and higher amounts in each of the three following years for a four-year total of $98 billion.
He projected that his plan would push the deficit down to $133.7 billion, $42 billion below this year’s level, partly because of his recommended cuts of $6.9 billion in military spending and $13.8 billion in domestic programs. By fiscal 1991, he said, his plan would reduce the deficit to zero.
For fiscal 1988, Chiles’ plan calls for about $400 million more in increased revenues and taxes than Reagan had suggested.
Gasoline tax boost floated, Page 15.
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