Reagan holds economy meet
LOS ANGELES (AP) — President-elect Ron
ald Reagan met Sunday with a blue-ribbon panel
of 14 Republican economists and said their
proposals will make possible his plans to cut taxes
and spending.
“It’s all there in the paperbacks,” Reagan
told reporters after a 45-minute meeting with his
economic team.
Reagan and members of his economic advi
sory panel refused to discuss details of their
report except to confirm it was consistent with his
campaign promises to cut federal spending by
two percent annually and to cut federal income
taxes by 10 percent across the board for three
successive years.
“We’re going to do what I said throughout the
campaign,” Reagan said. “These are plans for
implementation, reducing the cost of govern
ment, reducing the burden on the people and
getting a prosperity that will be shared by all.”
Asked if his planned budget cuts would
reduce government services for the poor, Reagan
replied, ‘‘we’re still talking in the area of ex
travagance” to achieve cuts.
Former Treasury Secretary George Schultz,
who chaired the advisory panel for three days of
meetings, refused to answer most questions
about what the economists had recommended to
Reagan.
“We didn’t turn in a bland report," Schultz
said. "Our report has a lot of socko in it.”
Schultz said he personally believed "it is
doubtful” the federal budget can be balanced by
1982 but it is “possible” to balance spending and
revenues by 1983. Reagan promised in the cam
paign to balance the budget by 1983 and said he
thought it could be done earlier.
Schultz also said he believes the nation’s
economy is in worse shape than indicated by
recent reports the nation is beginning to pull out
of a recession.
“If we have had a recovery at all, it is a very
fragile one," Schultz said. "The situation the
governor will inherit is very gloomy.
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Budget ceiling sought
as House ponders cuts
WASHINGTON (AP) - House
and Senate consideration of a
ceiling on federal spending is
high on the agenda for the first
full week of Congress’ lame
duck session, but the spotlight
will go to President-elect Ron
ald Reagan.
Reagan, seeking to establish
good relations with Congress
quickly, will be on Capitol Hill for
meetings Tuesday and Wed
nesday.
The president-elect may also
be bringing some ideas on ways
to cut the federal budget.
Cutting federal spending also
will be the subject when the
House and Senate debate re
solutions for a binding federal
budget ceiling. Consideration in
both chambers is scheduled for
' Tuesday.
The House Budget Commit
tee approved a binding budget
resolution last week calling for
$631.7 billion in outlays for fis
cal 1981 — which began Oct. 1
— and a $25 billion deficit.
In order to achieve that, the
House Budget Committee staff
calculated that the incoming
Reagan administration would
have to cut about $17 billion
from the federal budget.
Republicans accused
Democrats on the House com
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mittee of playing politics with
the budget issue by mandating
budget cuts before Reagan
even takes office. But
Democrats said they were giv
ing the incoming president a
chance to make good on his
campaign pledge to cut
government spending.
Before the election, the Sen
ate Budget Committee drew up
a binding budget calling for
spending $633 billion, but it
does not mandate the cuts
called for in the House resolu
tion.
Differences in the budget
plans adopted by each house
would have to be worked out by
House-Senate negotiators
before a final resolution is
adopted.
»■
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