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Economy: Budget #106501

ABC Evening News for Thursday, Nov 19, 1987
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(Studio: Peter Jennings) Report introduced.

(DC: Sheilah Kast) Automatic budget cuts from Gramm-Rudman law said to go into effect tomorrow unless White House and budget negotiators reach agreement or Congress votes to delay cuts. [Representative Silvio CONTE - says crystal ball a joke.] [Senator Phil GRAMM - opposes delaying law for some vague stmt.] Republican Congress said favoring Gramm-Rudman defense spending cuts over tax increases in pact that is being negotiated. [Representative Connie MACK - calls package a retreat.] [Representative James SENSENBRENNER - says not willing to go along with President Reagan's acceptance of new taxes.] [White House chief of staff Howard BAKER - is discouraged about finishing budget agreement.] Possibility of undoing automatic cuts detailed.

(DC: Sam Donaldson) Reagan's desire for deal reported [REAGAN - says negotiators must complete work now to signal stock market that economy problems can be solved.] Call for compromise on taxes and defense spending from White House spokesperson Marlin Fitzwater reported View from Wall Street reported [Bears Stearns Lawrence KUDLOW - predicts slide in stock market if automatic cuts suspended.]

Donaldson, Sam;
Jennings, Peter;
Kast, Sheilah

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