On April 28, 1982, fifteen months into his first term, President Ronald Reagan went up to Capitol Hill to meet with Tip O’Neill, the Democratic Speaker of the House. The two Irish-American politicians had to that point been bitter enemies. As Reagan had pursued his conservative agenda of tax cuts, a military buildup, and deregulation, O’Neill had done everything he could to resist. Now, though, with the budget deficit rising and the markets getting concerned about Washington’s solvency, the Republican and the Democrat needed each other’s help. The White House wanted to cut domestic spending, including Social Security. O’Neill wanted to safeguard entitlement programs and reverse some of Reagan’s tax cuts for the rich.
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Published on March 28, 2017 08:34