President Reagan Speaks at Democratic Breakfast
President Reagan Speaks at Democratic Breakfast
Adult Caucasian men walking into banquet room. U.S. President Ronald Reagan speaking to predominantly adult Caucasian Democratic congressmen. Reagan: "... I believe we can really solve the problems that face this nation. And your vote on the Gramm-Latta measure, I think, was the principal reason for them feeling that way, and I want to thank you for that. I understand the courage it took for all of you to support that resolution, and I think you have the gratitude of your fellow citizens today. But, the people may be disappointed. Reconciliation, which has a lot of meanings, but the particular one where we're concerned right now, may turn out to be the difference between what you voted for and what the people are actually going to get if the budget committee package goes through. The new Gramm-Latta bipartisan reconciliation bill is true to the principles of the original resolution. It is a compromise accepting the majority of the committee recommendations and I must say, I think that in the majority that most of the committees did do a fine job, and there was no problem at all in accepting what they brought forth. But, there were a few that brought down things that would make us fall more than $20 billion short of what we need over the next 3 years. And what we're talking about, of course, in the sum of Gramm-Latta, is how to correct these, so that those with the majority reports that came out of the committees could be put before the House. I think it deserves to be put before the House for an up-or-down vote. I called the Speaker and asked him if he would permit either a substitute or an amendment containing that package to be added to those, the majority that we would accept. I've had no answer. And apparently I know what the answer is. Another bipartisan effort and I think probably we should mention this morning is the effort representing, again, a compromise between congressional proposals and the administration's original proposal, and that's the Conable-Hance tax reduction bill. I have retreated from 10 - 10 - 10, retroactive to last January 1st, to 5 - 10 - 10, to be effective as of this coming October 1st, but accepted, and very willingly a number of changes, particularly around the business tax and others that were recommended even by some of you, but in the negotiations that have been going on. I believe that proposal will restore the economy, stimulate savings, investment, and increase productivity."
President Reagan Speaks at Democratic Breakfast
U.S. President Ronald Reagan continuing to speak to adult Caucasian male Democratic members of Congress. Reagan: "I've just received a report the last few days from 15 of the major steel companies in the United States. These fifteen companies, are planning a number of modernization and rehabilitation and expansion projects that total $3.2 billion. Now, I know that some are concerned that maybe the business tax is going to inspire plants to leave where they are and move to other areas and so forth. So, I've broken down the projects to just see if there might be anything to that. These fifteen companies, with their $3.2 billion proposed spending, twelve of them will be in the Northeast in the already existing plants, fifteen will be in the Midwest, and I'm including Ohio and Arkansas in the Midwest. I'm sometimes not sure whether they're in border areas, whether the East considers one East and the South considers the other South, but if you consider them Midwest, there are fifteen there. Six will be in the South, three in the West, and only one project unspecified as yet. All of this was planned and decided upon, in their report they say, with the expectation that the economic package is going to be passed. Now, what are we going to do with that package for the economy, if just simply the promise of it has brought that about after all the years of the deterioration and the aging in that very basic industry? The Conable-Hance tax program targets 70% of the income tax relief to the people in the $5,000 to $50,000 earning bracket, who presently pay 67% of the tax. I simply throw that in as an answer to those who are still attacking the bill as somehow being slanted to the more affluent. And of course we know the income tax cut isn't really very much of a cut, because there is built into the system an increase that will amount to 22% over the next three years. And our tax calls for 25% reduction, so we're basically just eliminating this enormous tax increase. So, with that as an appetizer, we'll have breakfast, and then we'll have some conversation." Adult and middle-aged adult Caucasian male cameramen filming event. President Reagan shaking hands with adult Caucasian male Congressman before taking his seat; adult African American male server attends to the Presidents table.