Senate Cuts Bush Tax Package to $350B: WOOHOO???

Imagine that? Imagine the courage of these wimps. They gave the President exactly the amount of his original negotiation bottom line figure. BIG FRIGGIN DEAL!!
BumbleBeeBoogie

washingtonpost.com
Senate Cuts Bush Tax Package to $350B
By ALAN FRAM
The Associated Press
Tuesday, March 25, 2003; 2:47 PM


The Senate unexpectedly reversed itself Tuesday, voting to slash more than half of President Bush's proposed $726 billion tax cut and dealing a blow to the keystone of his economic recovery plan.

A week after refusing to do so, senators voted 51-48 to reduce the tax reduction's price tag to $350 billion through 2013. Bush has said his plan - which would eliminate taxes on corporate dividends and reduce income taxes - is needed to create jobs, boost investment and spur the slumbering economy.

Just Friday, the Senate voted 62-38 to reject a similar move to pare Bush's tax plan in half. That plan would have taken the additional money Bush wanted for tax cuts and used it for deficit reduction.

Both moderate Sen. Lincoln Chafee, R-R.I., and deficit hawk Sen. Ernest Hollings, D-S.C., had voted against making the tax cut smaller on that day.

But both voted Tuesday to shrink the size of the proposed tax cut. Tuesday's successful amendment was slightly different, saying it would take some funds that Bush wanted to use for the tax cut and use that money to either to overhaul Social Security or put toward deficit reduction.

© 2003 The Associated Press