President Clinton made deficit reduction a key part of his budget plan. In what was widely viewed as the most dramatic program of fiscal reform proposed in a dozen years, the president presented a plan that would reduce the federal deficit by nearly $500 billion over five years.
The plan was made up of a package of spending cuts and tax hikes.
Republicans were quick to criticize the tax hikes, but Clinton said the heaviest burden would fall on wealthy Americans, whom he said had been given a free ride during the Reagan-Bush years.
When it came down to the vote in the House Aug. 5, the House approved the plan 218-216. The next evening in the Senate, the vote was a squeaker. With Vice President Al Gore casting the deciding vote to break a tie, the bill was passed 51-50.
