Don't look for a tax cut by Election Day. That's the thinking in Washington, despite the political temptations. Carter is sticking to his argument that tax cut talk could stir new inflation fires. And he's getting support from big guns in the House, Senate, and Federal Reserve.

The President also worries that if he goes along with a Reagan-supported tax cut -- after first saying "no" -- he'll be accused of a political "flip-flop."

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