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Reagan / Economy #313118

CBS Evening News for Tuesday, Oct 20, 1987
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(Studio: Dan Rather) Report introduced.

(DC: Bill Plante) Reagan said to be considering feasibility of taxation. [REAGAN - says he is willing to look at whatever proposal Congress might have and that he is willing to participate in anything that might bring them closer together.] Reagan's meeting with Secretary of Treasury James Baker and Federal Reserve Chairperson Alan Greenspan noted. [REAGAN - says economy indicators are solid and no one should panic.] Trade deficit's increase graphed. Budget deficit's increase graphed. [REAGAN - says the Congress is responsible for the deficit.] [Econ. Charles L. SCHULTZE - says it is absurd to blame Congress for the deficit when everyone knows taxation in a situation such as this is necessary.] Reagan's new flexibility toward taxation discussed.

(DC: Phil Jones) Congress's view of the plunging stock market discussed. [Representative Dan ROSTENKOWSKI - says they need to stop playing political games and work out a deficit reduction plan.] [Senator Pete DOMENICI - says market now dramatically up.] Pressure for Reagan to agree to some kind of economy summit reported [Representative Jim WRIGHT - says the rhetorical conflicts between exec. and legislature branches do not breed confidence but are unsettling.] When Reagan's announcement made regarding new openness to taxes, Senators said to have rejoiced. [Senator Robert BYRD - says the change in Reagan's attitude was in itself a breakthrough.] [Senator James EXON - says maybe the road of confrontation for the sake of confrontation has ended.] Partisan stalemate said no longer acceptable. Senator Robert Dole mentioned.

(Studio: Dan Rather) For. exchanges' reactions to United States stock market discussed. [British economy Mike OSBORNE - says the American Congress needs to do something about the federal deficit because it is affecting the international market] Australian, British and Japanese market losses mentioned.

Jones, Phil;
Plante, Bill;
Rather, Dan

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