Updated 8-21-97

full story Sealing The Deal

The Spending Side

The Tax Side

Timeline

The Balanced Budget Amendment

Players

Key Terms

Appendix: Clinton's Feb. 6 Budget

Related Stories

The Budget Deal: A Conspiracy Of Celebration Yep, Congress and Clinton finally balanced the budget. But in their haste to hand out goodies, they missed a chance to defuse some time bombs. By Nancy Gibbs/TIME, 8/11/97

The Tax Bill: Money In Motion Why some of the "wealthy" have nothing to gain. By Daniel Kadlec/TIME, 8/11/97.

Related Sites

The Office Of Management and Budget

The Congressional Budget Office Gopher

The National Debt Clock Counterpoint

Did Congress Approve Tax Measures Favoring The Well-Off? Iris J. Lav, associate director of the Center on Budget and Policy Priorities believes so, while J.D. Foster, executive director and chief economist for the Tax Foundation says the big winners are middle-class families.

Does The Budget Deal Address The Long-Term Entitlement Spending Crisis? -- John Tottie, Senior Economist with Citizens for a Sound Economy says the deal only worsens entitlement spending, while Brookings Institution Visiting Fellow Joseph White argues policymakers can't plan now for problems that are still 30 years off.

Is A Balanced Budget Amendment A Good Idea? Heritage Foundation senior fellow Daniel Mitchell takes on Robert Greenstein, executive director of the Center on Budget and Policy Priorities.

Navigation

Infocus

Balancing The Budget

Players

President Bill Clinton Some speculate Clinton seeks to make the history books by stemming the tide of federal red ink.

The Congressional Budget Office -- The "CBO," as it's commonly referred to, is Congress' team of budget analysts, generally thought to be neutral though tilting somewhat to the party in control of Congress. CBO has consistently been more conservative in its economic projections than the administration's Office of Management and Budget.

Senate Minority Leader Tom Daschle The politically agile South Dakotan offered an alternative to the GOP tax bill, but in the end voted for the Republicans' proposal.


Sen. Pete Domenici (R-N.M.) This non-ideological New Mexican has been a key budget player for more than two years.


House Minority Leader Richard Gephardt (D-Mo.) With an eye on the 2000 presidential campaign, Gephardt broke with the Clinton Administration, leading the congressional opposition to the May 2 budget deal.


House Speaker Newt Gingrich (R-Ga.) The speaker, weakened by his ethics punishment, adopted a less combative style in these budget negotiations.


Rep. John Kasich (R-Ohio) Kasich has made budget austerity a personal crusade, and the energetic and youthful Budget Committee chairman may hope to ride the budget wave all the way to the White House.


Senate Majority Leader Trent Lott (R-Miss.) The Senate majority leader is more ideological than his predecessor, Bob Dole, but he still has taken heat from conservatives for being too willing to compromise.

The Office of Management and Budget Led by Franklin Raines, "OMB" is the White House's number cruncher on budget issues. The office is consistently more bullish in its economic projections that the Congressional Budget Office, and some say OMB is too often moved by political considerations.

Franklin Raines White House budget director, Raines has pushed Clinton's priorities at the negotiating table.

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