With federal deficits causing concern among policymakers and Wall Street analysts, especially in light of the falling dollar, conservatives on Capitol Hill are agitating to cut federal spending appreciably in next year's budget. According to veteran Hill sources, one likely ally in this cause will be Sen. Judd Gregg (R.-N.H.), incoming chairman of the Senate Budget Committee.
"I think Greg is asking all the right questions, looking vigorously for programs that should be cut or eliminated entirely," said a Budget Committee source. "He's very committed to this, and we could have a very interesting fight on our hands next year. I think he's someone conservatives can work with." The source also noted that Gregg plans to be especially aggressive in pursuing fundamental tax reform and overhauling Social Security, though just what specific course he favors is uncertain.
