Only Austerity And Time Could Make Perot's Plan WorkBy
One things certain about the much-awaited Perot plan for cutting the federal budget deficit: If it were ever implemented, screams would be heard from one end of the country to the other. The plan would hit almost everyone in the pocketbook, with cutbacks in medicare and medicaid, limits on the mortgage deduction, higher income-tax rates for high-income households, and big jumps in gasoline and tobacco taxes. But the plan would likely produce a budget surplus by 1998. Would the gains from eliminating the deficit be worth it?
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