Vanderbilt Television News Archive

(Studio: Tom Brokaw) Report introduced.

(DC: Bob Kur) President Reagan and Congressional leader's shown announcing deficit reduction plan. [REAGAN - says not exactly what he wanted but is good beginning.] [Representative Jim WRIGHT - says nobody gets everything he wants.] [Senator Robert BYRD - says it's good message to send to the market and the people.] Stk. Mkt. Report Deficit reduction plan demonstrated. [REAGAN - discusses types of taxation in package.] Mil. spending cuts depicted. Medicare, farm programs, education and other domestic spending reported being cut by Congress approval. Criticism mentioned of plan. [White House chief of staff Howard BAKER - says no one is happy with situation.] [Senator Bob PACKWOOD - says it's a miserable little pittance.] [Senator Pete DOMENICI - says it's the best that can be expected.] Gramm-Rudman-Hollings law and those opposed to its implementation discussed. [Senator Robert MICHEL - says there are members with other ideas that should be heard.] [Representative Charles SCHUMER - says package is not the way to properly legislature] Republican opposition to taxes mentioned. Necessity of Reagan rallying Congress members noted.

(Studio: Tom Brokaw) [Representative Tom FOLEY - says agreement represents an important pact between parties to achieve an alternative to across-the-bd. budget cuts which would otherwise take place. The mkts. and United States people should recognize that the leadership in Washington, DC is effective. Agreement's details and significance outlined. Passage of agreement discussed.]