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Clinton Vetoes Republican Tax Cut Bill
US President Bill Clinton Saturday vetoed the Republican-sponsored tax cut bill for married couples.
"We can't retreat from this opportunity of a lifetime to keep our economy strong and move our country forward," Clinton said in his weekly radio address. "That's why I'm vetoing legislation that represents the first installment of a fiscally reckless tax strategy."
"On Capitol Hill, the Republican majority has passed a series of expensive tax breaks to drain nearly a trillion dollars from the projected surplus" in federal budget coffers, Clinton said.
He returned the legislation to Congress with a letter in which he said the tax plan was regressive.
"It provides little relief to families that need it most, while devoting a large fraction of its benefits to families with higher incomes," the letter said.
Clinton vowed to kill the 292 billion dollar, 10-year tax cut even before the Senate gave final congressional approval to the legislation on July 21.
The bill passed both the Senate and the House by less than the two-thirds majorities needed to override a presidential veto.
Clinton's veto came at a sensitive time between the Republican and Democratic national conventions as tax cut is a major issue in the presidential campaign this year.
Clinton and Vice President Al Gore call the Republican tax cut plan irresponsible while Republicans argue that the measure would benefit millions of middle-class Americans.
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