Word: hike
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...faces rough sailing on the tax hike...
...whirlwind of high-pressure politics, Ronald Reagan was waging the most perilous and difficult fight of his presidency. The stakes were high. If he failed to persuade Congress to pass a deficit-checking $99 billion three-year tax hike, the already swollen tide of red ink in the federal budget would rise even higher, swamping hopes for economic recovery and threatening deeper recession. Politically, a President who seemed to have a magic wand for passing major legislation would have shown that he could no longer control even his own party on Capitol Hill. The myth of the Great Communicator...
Even with the tax hike battle raging around him, Ronald Reagan retains the serenity and confidence that have been key ingredients of his amiable style. En route to Billings, Mont., last week to appear at a Republican rally, Reagan spent nearly an hour chatting with Washington Contributing Editor Hugh Sidey aboard Air Force One about the rewards and penalties of the presidency. Sidey's report...
...expressions of solidarity on those social issues, no matter how heartfelt, probably will not appease the far right; after 19 months of soothing presidential rhetoric, it is impatient for action on its social agenda. Nor did Reagan, despite private appeals for loyalty, mollify his tax-hike opponents. Indeed, the tax battle is now forging a rare, rebellious alliance among the New Right, congressional Republicans and conservative businessmen. Says one White House adviser: "I have never seen such animosity from our constituent groups...
...which will owe $2 billion by mid-1983, expects to pay $100 million in interest alone in 1983, and $200 million more in 1984. Since federal law prohibits the use of state unemployment funds to pay these costs, the states will have little choice but to slash services or hike income taxes, or both. Warns Tom West, an economist for the Michigan Employment Security Commission: "Without any changes in the law it's going to be at least ten years before the system becomes solvent again. And it's going to be very painful not only...