Sen. Slade Gorton, R-Wash., is holding up plans to shield thrifts from $3 billion in back taxes in hopes of cutting a better deal for a home-state institution, sources said.

Most of the industry wants to see the plan go through as soon as possible because it would protect them from taxes on bad debt reserves taken before 1988. They would, however, have to pay $1.5 billion in taxes on reserves taken after Jan. 1, 1988.

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