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CNN Live At Daybreak
President Bush Signs Tax Cut Bill Today
Aired May 28, 2003 - 06:35 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: George Bush puts the presidential pen to the tax cut bill at 2:15 Eastern this afternoon. The administration is predicting that the 10-year, $330 billion plan will kick-start the economy by encouraging spending and hiring.
It includes $330 billion in new tax cuts and $20 billion in aid for states. That would be a $350 billion tax cut, wouldn't it? That's less than half, though, of President Bush's original proposal.
It increases the child tax credit for two years from the current $600 million -- or $600, rather, to $1,000. The Treasury Department says 22 million families could receive checks this summer, and in July employers will begin adjusting the amount of money withheld from paychecks.
For more on the president's big signing day we go live to Washington and the White House and Dana Bash.
Good morning -- Dana.
DANA BASH, CNN WHITE HOUSE CORRESPONDENT: Good morning, Carol.
Well, this $350 billion tax cut the president will sign today, as you mentioned, is less than half of the $726 billion he had originally asked for, but it is certainly very significant. It brings the total that the president has been able to get through Congress in just two years to over -- or about $2 trillion.
Now, the president has very much staked the future of the economy -- of the ailing economy on this tax cut, traveling the country extensively to push for it and to try to coax reluctant lawmakers to vote for it by saying that this tax cut, he believes, will help pump money into the economy and, he says, will help create jobs for Americans.
But it was certainly a hard sell, particularly in the Senate where Vice President Cheney had to cast a tie-breaking vote in order to get it through. Unlike two years ago when 12 Democrats voted with the president, this time only two did. Most Democrats saying that this will contribute to the deficit, and often cite the job losses since President Bush has been in office -- Carol.
COSTELLO: All right, Dana Bash bringing us up-to-date from the White House this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired May 28, 2003 - 06:35 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: George Bush puts the presidential pen to the tax cut bill at 2:15 Eastern this afternoon. The administration is predicting that the 10-year, $330 billion plan will kick-start the economy by encouraging spending and hiring.
It includes $330 billion in new tax cuts and $20 billion in aid for states. That would be a $350 billion tax cut, wouldn't it? That's less than half, though, of President Bush's original proposal.
It increases the child tax credit for two years from the current $600 million -- or $600, rather, to $1,000. The Treasury Department says 22 million families could receive checks this summer, and in July employers will begin adjusting the amount of money withheld from paychecks.
For more on the president's big signing day we go live to Washington and the White House and Dana Bash.
Good morning -- Dana.
DANA BASH, CNN WHITE HOUSE CORRESPONDENT: Good morning, Carol.
Well, this $350 billion tax cut the president will sign today, as you mentioned, is less than half of the $726 billion he had originally asked for, but it is certainly very significant. It brings the total that the president has been able to get through Congress in just two years to over -- or about $2 trillion.
Now, the president has very much staked the future of the economy -- of the ailing economy on this tax cut, traveling the country extensively to push for it and to try to coax reluctant lawmakers to vote for it by saying that this tax cut, he believes, will help pump money into the economy and, he says, will help create jobs for Americans.
But it was certainly a hard sell, particularly in the Senate where Vice President Cheney had to cast a tie-breaking vote in order to get it through. Unlike two years ago when 12 Democrats voted with the president, this time only two did. Most Democrats saying that this will contribute to the deficit, and often cite the job losses since President Bush has been in office -- Carol.
COSTELLO: All right, Dana Bash bringing us up-to-date from the White House this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
