Ronald Reagan in Herding Cats, by Trent Lott

On Free Trade: 1985: Vetoed import tariffs on textile goods

I informed the administration, which opposed the bill, that my support for the legislation prevented me from performing my whip duties. My chief deputy whip and I both recused ourselves.

Still, the bill passed, only to be promptly vetoed by the president. I did lead the drive to override the president's veto in an exhaustive campaign, and we managed to get 276 votes--71 Republicans and 205 Democrats. But it takes 2/3 of the votes to override a president, and our tally of 276-149 fell eight votes short.

On Tax Reform: 1985 Tax Code has unfair loopholes for real estate industry

The president's advisers were pushing a series of tax increases on the real estate industry as reform. "We have cut tax rates and capital gains," Reagan told me. "And now we have this unfair tax code with loopholes for real estate and industry." (The closing of this so-called loophole would almost crush Houston, Texas. After the bill passed, the real estate market there collapsed.)

In my opinion, the bill wasn't really about real estate at all; it was a manifestation of Reagan's old worries about the deficit. But I put aside my misgivings, cranked up the whip organization and passed it. I still regret it.