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Reagan / Congress / Economy #553252

NBC Evening News for Wednesday, Oct 21, 1987
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(Studio: Tom Brokaw) Report introduced.

(DC: Chris Wallace) Top White House officials and Congress leaders meeting to discuss resolving budget deficit reported; details given, scenes shown. Reagan's announcement to work with Congress being met with skepticism noted. [Senator Robert BYRD - says he hopes the President really means what he says about working with Congress] [REAGAN - says he will listen to what Congress has to say only if they keep in mind that raising taxes has always lowered revenues.] White House spokesperson Marlin Fitzwater's comment that the door is open to all possibilities quoted. Budget deficit's soaring under Reagan graphed. Danger of federal borrowing making interest rates rise and thus slowing down economy discussed. Gramm-Rudman Law cutting deficit mentioned. [American Enterprise Institution Herbert STEIN - says the benefits of Reagan's initiative is to show that the government is in control of the situation.] [Senator Robert DOLE - says the stock market will take care of itself.] [REAGAN - says when half of the losses have already been regained that should tell one that the economy is sound.] Stk. market's stabilization said making true agreement between Reagan &Congress regarding deficit unlikely.

Brokaw, Tom;
Wallace, Chris

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