Existing comment:
Give and Take:
Every president takes calculated risks. A year after his administration's dramatic cuts in tax rates, President Reagan grew concerned about the rising federal deficits. He reluctantly agreed to the Tax Equity and Fiscal Responsibility Act of 1982, which raised some taxes. In return, Congress pledged three dollars in spending cuts for every dollar of the tax increase.
Spending cuts on that scale never passed Congress, but new spending bills did, over President Reagan's veto. His inability to persuade Congress to rein in domestic spending was one of the president's chief regrets. |