The Nation - News from March 5, 1987

Some form of new taxes--but not higher income taxes--is virtually certain to be part of the House budget proposal to help cut the deficit, House Speaker Jim Wright (D-Tex.) said. “It’s not ‘Do you tax?’ but ‘Who do you tax?’ Wright said after a visit to a private meeting of Democrats on the House Budget Committee. A Wright spokesman said the Speaker talked with committee members about what methods might be used to shrink the deficit in fiscal 1988, which begins Oct. 1, and he suggested the reduction would take the form of a “balanced combination” of new revenues and cuts in spending.