The chairman of the Senate Finance Committee, calling the Senate budget resolution that requires $73 billion in new taxes "unbalanced and unworkable," yesterday urged President Reagan and leaders of both houses of Congress to hold a "budget summit" immediately.
At a news conference in Los Angeles, Sen. Robert J. Dole (R-Kan.) said the nation's economic recovery is in danger of being halted by the failure to agree on a budget because any increase in taxes without new limits on spending will result in higher interest rates.
"It's time for a budget summit," Dole said after speaking at a luncheon honoring Sen. Pete Wilson (R-Calif.).
"So far, every budget plan has failed--the president's budget was rejected and the Senate preference was rejected in conference, leaving us with the liberal House budget, which has not even mustered the support of the Democrat-controlled House Ways and Means Committee. The net result is that the American people are the real losers, or will be unless we act quickly."
Dole said he would not advocate any move to eliminate the third year of the president's tax cut, a 10 percent tax reduction that took effect July 1.
"As for revenues," he said, "it is clear that the Senate budget resolution calling for $73 billion in new revenue without spending restraints is unbalanced and unworkable.
"If we can include spending controls in the package, as we should, there would be support for tax reform, loophole closings and other revenue-raising devices as part of an equitable and balanced proposal."
Rep. Dan Rostenkowski (D-Ill.), chairman of the Ways and Means Committee, also has objected that Congress cannot possibly raise the $73 billion the budget resolution requires.
Rostenkowski, at home in Chicago for the All-Star baseball game, could not be reached for comment on the Dole summit proposal.
Larry Speakes, the president's spokesman, had no comment on the summit proposal.
Dole called for the summit to begin immediately, saying "it's time to regroup."
"Interest rates are creeping up on some fronts, and unless we can demonstrate more responsibility the budget stalemate will jeopardize the recovery now under way," Dole said. "To do nothing could be disastrous.
"Our first priority should continue to be spending restraint," Dole added. "In this key area, the Finance Committee has led the way. For fiscal years 1982 through 1985, Congress has already enacted almost $68 billion in spending reductions that were recommended by the Finance Committee. Nevertheless, we still have a long way to go."