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Archive for Thursday, October 26, 2000

Minimum wage agreement near

October 26, 2000

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— After months of open partisan warfare over tax cuts, President Clinton and congressional Republicans neared agreement Wednesday on a tax relief package that would help people save for retirement, pay for long-term health care and give businesses breaks to offset the costs of a $1 minimum wage increase.

The legislation, expected to cost about $245 billion over 10 years, also would provide a host of new tax incentives to revitalize downtrodden communities and set up a new tax system for U.S. exporters to avert a trade war with the European Union.

Although disagreement remained in some areas, a congenial exchange of letters between Clinton and House Speaker Dennis Hastert, R-Ill., made it clear that both sides expected compromise before Congress adjourns for the year.

"We should also work together to pass tax cuts for middle-class Americans," Clinton told reporters at the White House.

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