The Nation - News from July 16, 1987

Delaying a planned tax cut for Americans in the top income tax brackets may be “the fair way” to raise some of the $19 billion in new taxes required under the new $1-trillion budget, House Speaker Jim Wright said. A growing number of Wright’s colleagues apparently consider delaying the shift to a lower tax rate for the wealthy one of the more acceptable revenue-raising proposals, the Texas Democrat said after a private meeting of House Democrats. At the same time, key senators met to discuss details of legislation to raise the $2.32-trillion debt limit and to relax deficit-reduction targets set by the balanced budget law.