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Senate trims Bush tax cut by 100 billion to pay for war
Washington, Mar 22: The US Senate has cut 100 billion dollars from President George W. Bush`s 726 billion dollar 10-year tax cut plan to pay for the war in Iraq, but turned aside a move to halve the economic stimulus.
Washington, Mar 22: The US Senate has cut 100 billion dollars from President George W. Bush's 726 billion dollar 10-year tax cut plan to pay for the war in Iraq, but turned aside a move to halve the economic stimulus.
In considering amendments to the 2.23-trillion-dollar
budget blueprint, senators rejected by a 62-38 vote a proposal
that would have limited the tax cut to 350 billion dollars.
A handful of senators initially voted for the measure but changed their votes at the last minute when it appeared the measure was going to fail.
"We need more than 350 billion dollars of tax relief," Senate finance committee chairman Charles Grassley, an IOWA Republican said yesterday, in debate on the Senate floor ahead of the vote.
But Senators did vote 52-47 for an amendment to cut 100 billion dollars from the tax cut plan, with the savings to be used for the as-vet undefined costs of the war in Iraq.
The house voted Thursday by 215 to 212 to approve the Republican-crafted budget plan for the fiscal year 2004, which begins October 1.
Bureau Report
A handful of senators initially voted for the measure but changed their votes at the last minute when it appeared the measure was going to fail.
"We need more than 350 billion dollars of tax relief," Senate finance committee chairman Charles Grassley, an IOWA Republican said yesterday, in debate on the Senate floor ahead of the vote.
But Senators did vote 52-47 for an amendment to cut 100 billion dollars from the tax cut plan, with the savings to be used for the as-vet undefined costs of the war in Iraq.
The house voted Thursday by 215 to 212 to approve the Republican-crafted budget plan for the fiscal year 2004, which begins October 1.
Bureau Report