Gekko

THE Administration has been feeling pretty good about its hard line on the budget. Since it bases its long-term policy on overnight polls, that makes sense. Mediscare is working, much of the liberal Dem ocratic base is getting back on the train, Newt is widely vilified, and the Republicans are going to have to take a hit on their tax cuts. Administration leakers and speakers hint that they could live with a continuing resolution that would freeze spending next year, as a setup for an election fought on heartless budget “cuts.”

Not for the first time, though, the Clinton strategists are probably kidding themselves. If they were smart, they would take this last chance for tax cuts, even bigger tax cuts based on Steve Forbes-like supply-side theory, as a way of avoiding disaster next year.

JD

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John Dizard

THE Administration has been feeling pretty good about its hard line on the budget. Since it bases its long-term policy on overnight polls, that makes sense. Mediscare is working, much of the liberal Dem ocratic base is getting back on the train, Newt is widely vilified, and the Republicans are going to have to take a hit on their tax cuts. Administration leakers and speakers hint that they could live with a continuing resolution that would freeze spending next year, as a setup for an election fought on heartless budget “cuts.”

Not for the first time, though, the Clinton strategists are probably kidding themselves. If they were smart, they would take this last chance for tax cuts, even bigger tax cuts based on Steve Forbes-like supply-side theory, as a way of avoiding disaster next year.