U.S. Senate Passes Budget for Tax CutThe U.S. Senate Friday passed a budget outline for roughly US$1.2 trillion in tax cuts over 10 years, well below President George W. Bush's goal.The vote was 65-35 in favor of a budget plan for tax cuts about US$400 billion below the US$1.6 trillion that was the centerpiece of Bush's campaign. Bush said the smaller package still represents "meaningful, real tax relief" and he is pleased with the vote. Senate Republicans had scrambled right up until the afternoon vote to round up enough support to pass a plan of at least US$1.4 trillion. But Democrats, joined by at least one or two moderate Republicans, closed ranks against the larger tax cuts that they said crowded out too many other needs. Moderate Republicans and Democrats emerged as a major force in the chamber that is split 50-50 between the parties, as the Senate ended up adopting the plan they proposed. The U.S. House already has passed a budget with Bush's US$1.6 trillion tax cut, and a House-Senate conference committee could agree to the House version. But the Senate action on the budget, a non-binding guide to future tax and spending legislation, has helped mobilize Democrats and their few Republican allies who contend that the Bush tax cut is too large. |
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