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These new policies were referred to as "Reagonomics" in an attempt to balance federal spending and cut taxes. He protected programs entitling people to income or medicinal care such as Medicare and Social Security but cut funding from programs such as welfare which allowed "waste, fraud and abuse". Reagan promoted 25% tax cuts over a three year period for individuals and faster write offs for business (Reagan Presidency 1). Senator Pete Domenici starts a movement to freeze Social Security costs of living. David Stockman, Director of Budgets, holds out hoping for over $44 million in cuts from Social Security...
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