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Senate Passes Tax Cut Package Less Than Half of What Bush Wanted

Aired March 26, 2003 - 15:59   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.


JUDY WOODRUFF, CNN ANCHOR: Some bad news just in the last few minutes from President Bush. It comes from the United States Senate, which has passed a tax cut package much smaller, less than half the size of what the president wanted. For the very latest, let's go to our John Karl at the capital.
JON KARL, CNN CORRESPONDENT: Judy, this the president's budget that would leave a hole for that tax package. They still need to come back and work out the details of the actual tax cut. But it is a budget that includes a tax cut of $350 billion, significantly lower than what the president wanted. He wanted $726 billion. So this is less than half of what the president asked for. The tax package, this entire budget passed by a vote of 56-0, almost all the Democrats ended up voting against this because they still had reservations about the budget and the tax cut, even at this lower figure. Only one Republican voted no. That one Republican was Senator John McCain, who doesn't think we should be talking about any tax cuts, whatsoever, while America is at war.

Now, this is the entire budget, this is the 2004 budget. So, there are more issues here than just the tax package. There was another area where the president was dealt a significant defeat on this budget, and that is on the question of drilling for oil in the Arctic National Wildlife Refuge. Republicans tried very hard to include that in this budget. This budget, as just now agreed to on the Senate floor, does not include that provision. So, nother setback.

Besides that, Republicans are saying, however, that they got much of what they asked for. And the chairman of the budget committee, the Republican Chairman Don Nickels was on the floor a few minutes ago, saying, quote, " A half a loaf is better than none." They feel they got a half of a loaf. They feel they got $350 billion worth of tax cuts to work with here. They think they can actually get that number up when they get to working out their differences with the House of Representatives. So they feel they've got not a complete victory but a partial victory. That's the story here on Capitol Hill, Judy.

WOODRUFF: All right, John Karl, some tough domestic news for the president. I know it's something the White House will be focused on, too. Jon Karl at the Capitol.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com



Wanted>


Aired March 26, 2003 - 15:59   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JUDY WOODRUFF, CNN ANCHOR: Some bad news just in the last few minutes from President Bush. It comes from the United States Senate, which has passed a tax cut package much smaller, less than half the size of what the president wanted. For the very latest, let's go to our John Karl at the capital.
JON KARL, CNN CORRESPONDENT: Judy, this the president's budget that would leave a hole for that tax package. They still need to come back and work out the details of the actual tax cut. But it is a budget that includes a tax cut of $350 billion, significantly lower than what the president wanted. He wanted $726 billion. So this is less than half of what the president asked for. The tax package, this entire budget passed by a vote of 56-0, almost all the Democrats ended up voting against this because they still had reservations about the budget and the tax cut, even at this lower figure. Only one Republican voted no. That one Republican was Senator John McCain, who doesn't think we should be talking about any tax cuts, whatsoever, while America is at war.

Now, this is the entire budget, this is the 2004 budget. So, there are more issues here than just the tax package. There was another area where the president was dealt a significant defeat on this budget, and that is on the question of drilling for oil in the Arctic National Wildlife Refuge. Republicans tried very hard to include that in this budget. This budget, as just now agreed to on the Senate floor, does not include that provision. So, nother setback.

Besides that, Republicans are saying, however, that they got much of what they asked for. And the chairman of the budget committee, the Republican Chairman Don Nickels was on the floor a few minutes ago, saying, quote, " A half a loaf is better than none." They feel they got a half of a loaf. They feel they got $350 billion worth of tax cuts to work with here. They think they can actually get that number up when they get to working out their differences with the House of Representatives. So they feel they've got not a complete victory but a partial victory. That's the story here on Capitol Hill, Judy.

WOODRUFF: All right, John Karl, some tough domestic news for the president. I know it's something the White House will be focused on, too. Jon Karl at the Capitol.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com



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