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elected, he would veto any tax increase the General Assembly proposed. Neither Robb nor Davis would make that pledge. “I don't think anybody can foresee events,” Davis added.
But in this year’s race, Davis has certainly taken into account past political events in Virginia, particularly the President’s victory margin of 250,000 votes statewide in 1980. Like most Democrats running for Congress this year, Davis has been critical of aspects of the President’s economic program. But unlike other Democrats, Davis has been careful not to attack Reagan himself.
“I'm not running against Ronald Reagan,” says Davis, who said he believes that Reagan felt his plan to cut taxes, increase defense spending, and reduce domestic government expenditures would lead to economic recovery. At first, Davis added, he supported Reagan’s tax cut approach because of the promise that concomitant spending cuts would also be implemented.
But those spending reductions were insufficient and are the main reason what has been called "Reaganomics” and “supply side economics” is not working, Davis contends.
“I call it (Reagan’s economic program) an effort to provide massive tax cuts without compensating massive reductions in expenses," Davis said during a Sept. 30 interview in Reston. “And as a result of that we’re incurring the largest dificit in the history of the country.”
In Davis' view, the way to reduce the estimated $100 to $155 billion deficit for next year is to begin a “very, very careful study” of federal spending; to reduce federal defense outlays from Reagan's seven percent over five years to five percent; and to "consider deferring" the third-year tax cut.
Davis, a businessman for many years, believes that the deficit must be reduced if interest rates are to fall. And sticking with the President’s plan with no changes will not lead to recovery, he said.
Davis noted that Trible voted for the budget last year and continues to support the program. "And I think that this idea of saying that things
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