- Gramm-Latta Budget
The Gramm-Latta Budget (aka Gramm-Latta Bill")
1981 and theGramm-Latta Omnibus Reconciliation Bill of1981 , sponsored by Representative'sPhil Gramm (a Democrat fromTexas ) andDelbert Latta (a Republican fromOhio ), implemented PresidentRonald Reagan 's economic program. This included an increase inmilitary spending and some minor cuts in discretionary and entitlement spending. The law also mandated the 1981Kemp-Roth Tax Cut .In a 2001 press conference to announce his retirement, Gramm had this to say about the bill: :"I wrote the first Reagan budget -- the Gramm-Latta budget that rebuilt national defense and that laid the foundation for a program of peace through strength; the Reagan program that tore down the Berlin Wall, that liberated Eastern Europe, that transformed the Soviet Union and that changed the world." [ [http://archives.cnn.com/TRANSCRIPTS/0109/04/bn.11.html "Senator Phil Gramm Announces His Retirement"] Cable News Network - Aired September 4, 2001]
References
External links
* [http://www.time.com/time/printout/0,8816,949115,00.html "That Bewildering Numbers Game"] @
Time Magazine - Monday, May. 11, 1981
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