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American Morning
Minding Your Business: Quirk Barrel Legislation
Aired October 30, 2003 - 07:48 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.
MILES O'BRIEN, CNN ANCHOR: Andy Serwer is here. We're going to talk about tax cuts.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes.
O'BRIEN: Let's talk about tax cuts. That's good, right?
SERWER: It is good, unless you think there's a little bit of pork barrel involved. Congress moving ahead on a $128 billion tax cut for businesses, voting along partisan lines. Yesterday, the House Ways and Means Committee -- that's a mouthful. And basically, it has to do with taxes of businesses overseas -- U.S. companies doing business overseas.
But there are some interesting tidbits in this bill. Let's get to them. Some tax breaks for bow and arrow makers, that powerful bow and arrow making lobby, the same with fishing and tackle boxes and the sonar fish-finding devices. This sounds like the Saturday morning TV shows.
Then also here...
SOLEDAD O'BRIEN, CNN ANCHOR: Hey, hey.
SERWER: Oh.
S. O'BRIEN: Hey, hey.
SERWER: Then also, there is the liquor and wine distributors getting -- they're getting a kind of big one, $234 million. The movie studios -- you know, they need it, I guess -- $600 million.
So, it will be interesting to watch it wind its way through and see who gets what here.
M. O'BRIEN: You might want to give the ranchers a break.
SERWER: Yes.
M. O'BRIEN: But, you know...
JACK CAFFERTY, CNN ANCHOR: They're going to $128 billion corporate tax cut bill, but we got no energy bill after the blackout.
SERWER: Yes.
CAFFERTY: We got no prescription drug bill. But we're going to get those corporations taken care of.
SERWER: And we've got a deficit, too, Jack. Let's not forget that. They're rolling back $60 billion, so it's net $60 billion for businesses.
CAFFERTY: Oh.
M. O'BRIEN: All right. What about the market?
SERWER: Quickly, the market yesterday rolled ahead, which was surprising given the big gains the day before. So, we kept moving. I thought we were going to see a pullback.
This morning kind of interesting, because we're going to get the first look at the economy for the third quarter, GDP for Q3 as they say on Wall Street, out at 8:30.
(CROSSTALK)
SERWER: You love those, yeah. Anyway, how fast is the economy growing in the third quarter? That's going to be coming out at 8:30. That's the big news. A lot of people looking for the economy to grow at 6 percent. EDS cutting jobs this morning, 2,500 jobs out of Plano, Texas, so that's not good news, but we're following that one.
M. O'BRIEN: A.S., come back ASAP, OK?
SERWER: I like that.
M. O'BRIEN: All right.
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 October 30, 2003 - 07:48 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
MILES O'BRIEN, CNN ANCHOR: Andy Serwer is here. We're going to talk about tax cuts.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes.
O'BRIEN: Let's talk about tax cuts. That's good, right?
SERWER: It is good, unless you think there's a little bit of pork barrel involved. Congress moving ahead on a $128 billion tax cut for businesses, voting along partisan lines. Yesterday, the House Ways and Means Committee -- that's a mouthful. And basically, it has to do with taxes of businesses overseas -- U.S. companies doing business overseas.
But there are some interesting tidbits in this bill. Let's get to them. Some tax breaks for bow and arrow makers, that powerful bow and arrow making lobby, the same with fishing and tackle boxes and the sonar fish-finding devices. This sounds like the Saturday morning TV shows.
Then also here...
SOLEDAD O'BRIEN, CNN ANCHOR: Hey, hey.
SERWER: Oh.
S. O'BRIEN: Hey, hey.
SERWER: Then also, there is the liquor and wine distributors getting -- they're getting a kind of big one, $234 million. The movie studios -- you know, they need it, I guess -- $600 million.
So, it will be interesting to watch it wind its way through and see who gets what here.
M. O'BRIEN: You might want to give the ranchers a break.
SERWER: Yes.
M. O'BRIEN: But, you know...
JACK CAFFERTY, CNN ANCHOR: They're going to $128 billion corporate tax cut bill, but we got no energy bill after the blackout.
SERWER: Yes.
CAFFERTY: We got no prescription drug bill. But we're going to get those corporations taken care of.
SERWER: And we've got a deficit, too, Jack. Let's not forget that. They're rolling back $60 billion, so it's net $60 billion for businesses.
CAFFERTY: Oh.
M. O'BRIEN: All right. What about the market?
SERWER: Quickly, the market yesterday rolled ahead, which was surprising given the big gains the day before. So, we kept moving. I thought we were going to see a pullback.
This morning kind of interesting, because we're going to get the first look at the economy for the third quarter, GDP for Q3 as they say on Wall Street, out at 8:30.
(CROSSTALK)
SERWER: You love those, yeah. Anyway, how fast is the economy growing in the third quarter? That's going to be coming out at 8:30. That's the big news. A lot of people looking for the economy to grow at 6 percent. EDS cutting jobs this morning, 2,500 jobs out of Plano, Texas, so that's not good news, but we're following that one.
M. O'BRIEN: A.S., come back ASAP, OK?
SERWER: I like that.
M. O'BRIEN: All right.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
