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House Passes Minimal Tax Cut Package

Aired May 09, 2003 - 14:37   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: The House of Representatives has just passed a tax cut package worth some $550 billion, which the White House calls the bear minimum for boosting the economy.
Over in the Senate, a smaller package made it through the finance committee, but Democrats want a much smaller package. And the outcome is anybody's guess at this point. CNN's Kate Snow takes a look at the battle, including those dividends that are proving so divisive.

Who knew there would be such a fight over dividends?

KATE SNOW, CNN CORRESPONDENT: Right. And in a minute, we're going to get at what are dividends and what is this all about.

But let me tell you this is far from over, Miles. As you point out, there are a lot of questions still on the table.

The House has just passed this bill, but that doesn't mean it has gotten through the Senate. In fact, the Senate will take it up next week. Big disagreements about how big this tax cut should be, whether it's the right time to do a tax cut, and whether -- if you cut taxes on some people -- can you pay for it by raising taxes on other Americans.

O'BRIEN: Kate Snow, I'm sorry. I have to interrupt you. We're going to move over to Foggy Bottom. The Secretary of State Colin Powell is addressing reporters ...

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 9, 2003 - 14:37   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
MILES O'BRIEN, CNN ANCHOR: The House of Representatives has just passed a tax cut package worth some $550 billion, which the White House calls the bear minimum for boosting the economy.
Over in the Senate, a smaller package made it through the finance committee, but Democrats want a much smaller package. And the outcome is anybody's guess at this point. CNN's Kate Snow takes a look at the battle, including those dividends that are proving so divisive.

Who knew there would be such a fight over dividends?

KATE SNOW, CNN CORRESPONDENT: Right. And in a minute, we're going to get at what are dividends and what is this all about.

But let me tell you this is far from over, Miles. As you point out, there are a lot of questions still on the table.

The House has just passed this bill, but that doesn't mean it has gotten through the Senate. In fact, the Senate will take it up next week. Big disagreements about how big this tax cut should be, whether it's the right time to do a tax cut, and whether -- if you cut taxes on some people -- can you pay for it by raising taxes on other Americans.

O'BRIEN: Kate Snow, I'm sorry. I have to interrupt you. We're going to move over to Foggy Bottom. The Secretary of State Colin Powell is addressing reporters ...

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