Cancerous Budget

FROM THE bragging about the budget deal by its top players, it was quite an achievement. “We have put America’s fiscal house in order again,” crowed President Clinton on the White House lawn on July 29. Senate Majority Leader Trent Lott (Miss.) was even more extravagant. “Today we celebrate the beginning of a new era of freedom,” he proclaimed. For John Kasich, it was “a dream come true.”

Prima facie, the plan does look impressive. In 1998-2002, it cuts taxes by a net $95 billion-the first tax cut since 1981-and cuts projected spending by about $263 billion, including $115 billion from Medicare and $10 billion from Medicaid.

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John Attarian

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FROM THE bragging about the budget deal by its top players, it was quite an achievement. “We have put America’s fiscal house in order again,” crowed President Clinton on the White House lawn on July 29. Senate Majority Leader Trent Lott (Miss.) was even more extravagant. “Today we celebrate the beginning of a new era of freedom,” he proclaimed. For John Kasich, it was “a dream come true.”

Prima facie, the plan does look impressive. In 1998-2002, it cuts taxes by a net $95 billion-the first tax cut since 1981-and cuts projected spending by about $263 billion, including $115 billion from Medicare and $10 billion from Medicaid.