Magazine content is available exclusively for TIME subscribers.THE WEEK: MAY 21-27
NATION
ANOTHER BALANCED-BUDGET YEA
The Senate adopted its version of a balanced-budget resolution, but not before exposing a deep and potentially embarrassing rift in Republican ranks over the issue of tax cuts. Nearly half the G.O.P. Senators joined all their Democratic colleagues to defeat a $300 billion set of tax breaks proposed by presidential aspirant Phil Gramm and patterned after a recently approved House version. Opting for a vague promise of future tax cuts if a balanced budget yields extra savings, the Senate approved by a vote of 57 to 42 a somewhat less draconian program of spending cuts than did...
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