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Budget in brief

January 10, 1996
Web posted at: 11:30 a.m EST

As of Wednesday, January 10, these are the key areas of disagreement remaining between President Clinton and the Republican-run Congress over the terms of a seven-year plan to balance the budget by 2002:

Clinton GOP
Taxes
... proposed $87 billion in tax cuts over the next five years, mostly for a $500-per-child tax credit for many families and to allow people to deduct education expenses. If the economy performs better in 2001 and 2002 than the Congressional Budget Office projects, additional tax reductions would be triggered for those years, bringing the total to $147 billion. ... proposed seven-year reductions of about $200 billion, mostly for $500 tax credits for children and savings for investors and businesses.
Bennefit Programs
... made a last-minute offer at Tuesday's bargaining session, proposing to save $236 billion through 2002 from four major benefit programs for the elderly and poor, $94 billion less than Republicans want. ... have proposed savings from Medicare of $168 billion, compared with $124 billion under Clinton's proposal; $85 billion from Medicaid to the president's $59 billion; and $75 billion from welfare and the earned income tax credit for the working poor, compared with $53 billion by Clinton.
ANNUALLY APPROVED GENERAL GOVERNMENT PROGRAMS
... is willing to cut these programs -- ranging from FBI agents' salaries to biomedical research -- by $295 billion through 2002. ... want $349 billion in cuts.


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