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Page lOAThe Battalion/Friday, March 7,1906
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Senate committee clowns plan
Reagan budget rejected
A—dated Press
WASHINGTON — The Senate
Budget Committee rejected Presi
dent Reagan’s fiscal 1987 budget
Thursday, agreeing that his formula
for domestic spending cuts, a contin
ued military buildup and no general
tax increases will fail to meet a re
quired $144 billion deficit target.
The vote was 16-6 against the
president’s plan, with only six of the
panel’s 12 Republicans voting in fa
vor of it.
After the vote. While House bud
get director James C. Miller 111 is
sued a statement saying Congress al
ways modifies what the president
proposes.
“I'm grateful that some senators
voted for the president’s budget and
that others expressed support for
many of its features,’' Miller said.
Sen. Pete V. Domenici, R-N.M.,
the committee chairman, set the
mostly symbolic vote in an apparent
effort to avoid prolonged partisan
wrangling over the president’s
spending plan, which has attracted
virtually no support on Capitol Hill.
He voted in favor of the budget,
however.
While Domenici has said in
creased taxes will be needed to trim
deficits, he refused to dismiss Rea
gan's call for more military spend-
mg.
“The reason we need revenues is
to make sure we put enough in de
fense,” Domenici said. He added
that the $22 billion in domestic
spending cuts Reagan included in
his budget likely will be needed.
“It ain’t so” that the deficit target
can be met with tax increases and
trimming military spending alone,
Domenici said.
Sen. John Danforth, R-Mo., one
of the six Republican who vdted
against the president s budget, said.
"Every president’s budget, almost, is
dead on arrival. -
“Why? Because it’s the starting
point,” Danforth said, adding. “I’m
going to vote against the prestdem’s
budget because 1 think we can im
prove on it.”
But Sen. William Armstrong. R-
Colo.. who backed Reagan’s budget,
dismissed the committee action say
ing. “This is an exercise in president
bashing” that was demeaning to the
comhiittee.
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Foreign credit charge cuts
may boost U.S. economy
Associated Press
NEW YORK — Several foreign
governments cut key credit charges
Thursday, raising fresh hopes that
the United States will enjoy a pro
longed pattern of falling interest
rates.
Financial analysts said the cuts bv
foreign central banks would allow
the Federal Reserve Board to pusFi
credit costs lower here and provide a
further boost to the economy.
The central bank of West tier-
many, the Deutsche Bundesbank,
announced it was reducing its dis
count rate — the charge on loans to
commercial banks — from 4 percent
to S.Spercent ef fective today.
In Tokyo, television and press re
ports said Bank of Japan had de
cided to cut its discount rate for the
second time this year. The reports
were attributed to unidentified
sources who said japan's central
bank governors would meet todav to
formally endorse the point reduc
tion to 4 percent.
France and the Netherlands also
announced they were lowering their
of ficial rates.
Ciovernments often adjust dis
count rates to influence economic
activity and lowering them usuallv is
an attempt to spur growth But
economists said the latest cuts are
more likely to enable the Federal Re
serve to lower credit costs m the
United States without altering the
relationships between interest rates
around the world
After the announcement from the
Deutsche Bundesbank many econo
mists said they expected the Fed
soon to cut the U.S. discount rate.
Philip Braverman, chief econo
mist for Irving Securities Inc., said:
" I be Fed now has the leeway to
make its own move. It could come as
earlv as this weekend.”
Changes in the discount rate can
have widespread repercussions. A
cut could set off a chain reaction,
perhaps encouraging banks to lower
then prime lending rates and other
borrowing charges, analy sts said
No smoking
in Houston's
sports arenas
MOUS'l ON — Advice for
smokers in Houston: don’t light
up at indoor sporting events.
New regulations, adopted bv
City Council on Wednesday, l>ar
smoking at indoor activities rang
ing from from major league ath
letic events to indoor ping-pong
matches at the Houston Astro
dome. the Summit. Sam Houston
Coliseum and other city arenas
including high school gymnasi
ums.
Rock concerts, however, are
exempt from the rule, which
takes effect March l'>.
The smoking ban. proposed by
Councilman Jim Westmoreland,
carries a fine of up to $200 and
affects only the s|>ec tator seating
areas and the playing field
The ordinance is the latest ad
dition to a no-smoking list that in
cludes movie theaters, public
schools, hospitals and ir^mv types
v of retail and food stores.
Councilman Frank Mancuso, a
cigar smoker and formet profes
sional baseball player, criticized
the sports-onh plan as disc nmi-
natory against smoking sports
fans m favoi of roc k fans. Man
cuso said protecting the health of
.“the poor athletes” is useless lye-
cause “too many inhale a lot more
than )ust nicotine smoke.”
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