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CNN Saturday Morning News
House Approves $550 Billion Tax Bill
Aired May 10, 2003 - 09:01 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: The stage is now set for what's expected to be a difficult negotiation over President Bush's tax- cutting proposal. Now, last night, as we told you, the U.S. House approved a $550 billion tax-cutting bill. The tax-cutting measure moving through the Senate calls for a $350 billion cut.
Let's see what the White House is doing and thinking about all this. Suzanne Malveaux is in Washington this morning. Good morning, Suzanne.
SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Good morning, Anderson.
Well, the president is planning on traveling. Actually he's in New Mexico now, but he's going to be going to Nebraska and Indiana. And really, he's going to be pushing for his jobs and growth package to try to get as much as possible. But as you mentioned before, very different figures, $550 billion on one hand, $350 billion on the other. It's probably going to fall somewhere in the middle, Anderson.
COOPER: Suzanne, how much of President Bush's focus on the economy is with an eye toward the next elections, especially not repeating the mistakes that has father is said to have made?
MALVEAUX: Well, you know, it's a very good point, because essentially what you are looking at, his aides are -- will tell you either way that it's already a win-win situation for the president, that, yes, he moved his package forward. Maybe he didn't get everything he needed, but he was doing something to create jobs, to jump-start the economy.
So they're already kind of positioning themselves politically to argue that President Bush, yes, is a excellent steward of the economy, as well as the commander in chief.
They say that, look, he didn't get everything, he didn't get the complete elimination of this double tax on the corporate dividends, perhaps a reduction of some sort, but he got the accelerated income taxes, that cut. He also got the reduction in the marriage penalty, an increase and the child credit, as well as some support for small businesses.
So overall, they argue that, yes, the president is moving forward, and that he is just as focused with the economy as he was with the war.
COOPER: All right, Suzanne Malveaux in Washington. Thanks.
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 10, 2003 - 09:01 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDERSON COOPER, CNN ANCHOR: The stage is now set for what's expected to be a difficult negotiation over President Bush's tax- cutting proposal. Now, last night, as we told you, the U.S. House approved a $550 billion tax-cutting bill. The tax-cutting measure moving through the Senate calls for a $350 billion cut.
Let's see what the White House is doing and thinking about all this. Suzanne Malveaux is in Washington this morning. Good morning, Suzanne.
SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Good morning, Anderson.
Well, the president is planning on traveling. Actually he's in New Mexico now, but he's going to be going to Nebraska and Indiana. And really, he's going to be pushing for his jobs and growth package to try to get as much as possible. But as you mentioned before, very different figures, $550 billion on one hand, $350 billion on the other. It's probably going to fall somewhere in the middle, Anderson.
COOPER: Suzanne, how much of President Bush's focus on the economy is with an eye toward the next elections, especially not repeating the mistakes that has father is said to have made?
MALVEAUX: Well, you know, it's a very good point, because essentially what you are looking at, his aides are -- will tell you either way that it's already a win-win situation for the president, that, yes, he moved his package forward. Maybe he didn't get everything he needed, but he was doing something to create jobs, to jump-start the economy.
So they're already kind of positioning themselves politically to argue that President Bush, yes, is a excellent steward of the economy, as well as the commander in chief.
They say that, look, he didn't get everything, he didn't get the complete elimination of this double tax on the corporate dividends, perhaps a reduction of some sort, but he got the accelerated income taxes, that cut. He also got the reduction in the marriage penalty, an increase and the child credit, as well as some support for small businesses.
So overall, they argue that, yes, the president is moving forward, and that he is just as focused with the economy as he was with the war.
COOPER: All right, Suzanne Malveaux in Washington. Thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
