WASHINGTON -- The Clinton administration's top negotiators yesterday outlined a compromise budget plan that appears to scale back substantially all of the President's tax-exempt bond initiative, including his urban enterprise zone proposal.

At a meeting of the House Democratic Caucus, Office of Management and Budget Director Leon Panetta said the new plan takes the Senate version of the budget package as its starting point. It then adds between $10 billion and $12 billion of energy taxes to pay for including some tax incentives that are in the House version of the bill but not in the Senate version, he said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.