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CNN Sunday Morning

Bush Pushes Tax Cut Plan

Aired May 11, 2003 - 08:31   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.


ANDERSON COOPER, CNN ANCHOR: President Bush is spending the weekend in Santa Fe, New Mexico, visiting a longtime friend, an old college buddy and he's off on a campaign-style tour to push the tax plan. We want to get more right now from CNN White House correspondent Dana Bash.
Good morning, Dana.

DANA BASH, CNN CORRESPONDENT: Good morning, Anderson. Well, the president is in Santa Fe, New Mexico, spending some time with a friend, as you mentioned. He is also with his wife, the First Lady. The president did spend some time out on the links yesterday. It took about four hours, played some golf with his longtime friend, but tomorrow the time for R and R will end when the president is going to take a three-state, two-day tour to push his tax cut plan.

He is going to really be lobbying hard to get that number as high as possible. First he's going to start just outside of Albuquerque, New Mexico, then he goes to Omaha, Nebraska. And he goes continues on Tuesday in Indianapolis, Indiana, a tour of the heartland so to speak.

And let's take a look at the numbers, what we're talking here. The president's original tax cut plan was $726 billion over 10 years. The House just on Friday passed something that was $550 billion over 10 years. And tomorrow, the Senate will start debate on a package that is much less, $350 billion over 10 years. That is what the president is going to be talking about in each stop that he makes. He is going to say that it is absolutely imperative, he believes, to get that tax cut higher in order to create new jobs. That is the White House take on this. They believe the higher the tax cut; the more jobs will be created. The Democrats of course, Anderson, say since the president's been in office the unemployment rate has risen to six percent. And so his tax cut policy simply isn't working to create new jobs -- Anderson.

COOPER: Dana, let's talk about how this thing will be spun by the White House if it doesn't quite go their way. Even if they don't get all that they want, they could sort of spin it as a win situation. At least President Bush is seen as trying to do something about the economy.

BASH: You're absolutely right and they're already spinning it as a winning situation. When you talk to White House officials, they are saying that they believe that they are already -- they are already claiming victory because all of the components of the president's plan is in -- are in both the House and the Senate versions of the tax cut bills. They say that, yes, his centerpiece, the tax cut dividend elimination on tax -- on dividends, I should say, are not there. But a small component is there, and they say that don't forget the president got a $1.3 trillion tax cut plan in this first year in office.

So, even if he gets a small number it could be almost $2 trillion in tax cuts. That of course, is something the Democrats say has added to the large deficits we are now seeing.

COOPER: All right. Dana Bash, thanks very much. Appreciate it.

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 11, 2003 - 08:31   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDERSON COOPER, CNN ANCHOR: President Bush is spending the weekend in Santa Fe, New Mexico, visiting a longtime friend, an old college buddy and he's off on a campaign-style tour to push the tax plan. We want to get more right now from CNN White House correspondent Dana Bash.
Good morning, Dana.

DANA BASH, CNN CORRESPONDENT: Good morning, Anderson. Well, the president is in Santa Fe, New Mexico, spending some time with a friend, as you mentioned. He is also with his wife, the First Lady. The president did spend some time out on the links yesterday. It took about four hours, played some golf with his longtime friend, but tomorrow the time for R and R will end when the president is going to take a three-state, two-day tour to push his tax cut plan.

He is going to really be lobbying hard to get that number as high as possible. First he's going to start just outside of Albuquerque, New Mexico, then he goes to Omaha, Nebraska. And he goes continues on Tuesday in Indianapolis, Indiana, a tour of the heartland so to speak.

And let's take a look at the numbers, what we're talking here. The president's original tax cut plan was $726 billion over 10 years. The House just on Friday passed something that was $550 billion over 10 years. And tomorrow, the Senate will start debate on a package that is much less, $350 billion over 10 years. That is what the president is going to be talking about in each stop that he makes. He is going to say that it is absolutely imperative, he believes, to get that tax cut higher in order to create new jobs. That is the White House take on this. They believe the higher the tax cut; the more jobs will be created. The Democrats of course, Anderson, say since the president's been in office the unemployment rate has risen to six percent. And so his tax cut policy simply isn't working to create new jobs -- Anderson.

COOPER: Dana, let's talk about how this thing will be spun by the White House if it doesn't quite go their way. Even if they don't get all that they want, they could sort of spin it as a win situation. At least President Bush is seen as trying to do something about the economy.

BASH: You're absolutely right and they're already spinning it as a winning situation. When you talk to White House officials, they are saying that they believe that they are already -- they are already claiming victory because all of the components of the president's plan is in -- are in both the House and the Senate versions of the tax cut bills. They say that, yes, his centerpiece, the tax cut dividend elimination on tax -- on dividends, I should say, are not there. But a small component is there, and they say that don't forget the president got a $1.3 trillion tax cut plan in this first year in office.

So, even if he gets a small number it could be almost $2 trillion in tax cuts. That of course, is something the Democrats say has added to the large deficits we are now seeing.

COOPER: All right. Dana Bash, thanks very much. Appreciate it.

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