Reagan plan: speed seen in Senate, lag in house
Senate leaders introduced a bipartisan resolution to speed passage of President Reagan's economic plan, but the chairman of a key House panel indicated the final tax cut won't be exactly what the President wants.Skip to next paragraph
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As his committee opened hearings into the Reagan package, House Ways and Means chairman Dan Rostenkowski (D) of Illinois warned there will be no tax cuts at all unless Congress proceeds with spending reductions in tandem.
Mr. Rostenkowski speculated the final bill will be a "consensus bill," indicating that the administration's request for an unchanged version of the President's tax cut is doomed.