NATION : Tax Issue Hinders Budget Talks
Negotiators are looking at a new 1995 target for balancing the budget, but coming up with a plan is difficult because “nobody wants to raise taxes,” House Majority Leader Richard A. Gephardt (D-Mo.) said today.
Gephardt told reporters at the White House that only “incremental progress” is being made in meetings with President Bush.
He said, however, that negotiators generally had agreed to a framework under which $50 billion would be slashed from the deficit in the fiscal year that begins Oct. 1, and a total of $500 billion over the next five years.
The Gramm-Rudman deficit-control law, which now calls for a balanced budget in 1993, would be eased to give two additional years to reach that goal, Gephardt said.
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