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Congress / Budget #546475

NBC Evening News for Tuesday, Jan 21, 1986
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(Studio: Roger Mudd) Possible bearing of falling oil prices on Congress's consideration of tax increase to balance budget explained.

(DC: Bob Kur) Resumption of Congress with attention focused on mandatory budget cuts under Gramm-Rudman and growing call among Republicans for tax increase examined; scenes shown. [Representative George GEKAS - notes peers' fear of Gramm- Rudman.] [Representative Thomas O'NEILL, Senator Robert DOLE - comment on bill.] [Senator Pete DOMENICI - denies anyone supported Gramm-Rudman.] Phil Gramm and Warren Rudman said remaining loyal to bill's philosophy. [Co-author Senator Ernest HOLLINGS - thinks tax increase is necessity.] President Reagan's commitment to not raising taxes or cutting military budget mentioned. [Press spokesperson Larry SPEAKES - claims budget process is under Mikhail Gorbachev's scrutiny.]

Kur, Bob;
Mudd, Roger

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