US Senate Votes to Slash More Money from Bush's Tax Package

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Last updated at: (Beijing Time) Wednesday, March 26, 2003

US Senate Votes to Slash More Money from Bush's Tax Package

The US Senate voted Tuesday to slash more than half of the 726-billion-dollar tax package proposed by President George W. Bush.

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The US Senate voted Tuesday to slash more than half of the 726-billion-dollar tax package proposed by President George W. Bush.

A week after refusing to do so, the US Senate unexpectedly voted 51-48 to reduce the tax reduction's price tag to 350 billion dollars through 2013.

Analysts said that the vote dealt a blow to the keystone of President Bush's economic recovery plan.

President 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.

The vote was a major victory for Democrats in the US Congress. Joined by some moderate Republicans, they have been arguing that atax cut of the magnitude Bush wants makes no sense at a time when US federal deficits are expected to surge to a record high and when US troops are engaged in a war with Iraq.

It came on the same day that President Bush formally sent the US Congress his request for 74.7 billion dollars to pay the initial costs of the war and for other expenses in the war on terrorism.

The setback for the US president came a day before the US Senate planned to vote final passage on a budget blueprint for fiscal year of 2004 which totals 2.2 trillion dollars.

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