(FORTUNE Magazine) – Call it Bill Clinton's incredible dwindling investment agenda. During the campaign he called for $220 billion in new spending and tax breaks over four years to shift the economy into higher gear. It now appears he'll be lucky to get half that. Congress might give the President a few modest incentives, like a capital- gains break for small business and an extension of the R&D credit. But tax writers have killed outright the centerpiece of his investment agenda: a temporary investment tax credit, which would have amounted to $6 billion in fiscal 1994. On the spending front, the House appropriations sub-committees have approved only 56% of the $16.7 billion in new 1994 spending the President proposed for such investments as infrastructure, research, and children's programs. Clinton got most of what he wanted for mass transit, environmental infrastructure, low-income housing, and the National Science Foundation. But the House dramatically scaled back his requests for highways, Head Start, worker training, and public health initiatives. And it nixed funding for the superconducting supercollider and a magnetic levitation train. For more on what President Clinton plans to do now, see the exclusive FORTUNE interview in Politics & Policy.

CHART: NOT AVAILABLE CREDIT: FORTUNE CHART/SOURCE: OFFICE OF MANAGEMENT AND BUDGET CAPTION: WASHED AWAY