WASHINGTON - President Clinton's $500 billion deficit reduction goal and his tax-exempt bond initiatives were in danger of being scaled back Friday as a result of a decision by congressional negotiators to adopt only the low-level gasoline tax increase contained in the Senate budget package.

Negotiators said they were trimming back some spending and tax initiatives contained in a tentative compromise reached on Thursday because key Senate Democrats had rejected the plan's proposed 6.5-cent-a-gallon fuels tax increase and were insisting on sticking with the Senate's original 4.3 cent proposal.

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