Bush cheers tax cut work, urges more

SANTA FE, N.M. - President Bush on Saturday welcomed the House vote to cut taxes by $550-billion over the next decade, prodded the Senate to finish work on its version this week and held out hope for a quick compromise.

"Since I sent my plan to Congress in January, the need for action on the economy has become even more urgent," the president said in his weekly radio address, citing the unemployment rate jump to 6 percent in April.

While the House version is $176-billion smaller than the White House's original plan, the bill contains "all the elements" of that plan, Bush said. He said Friday's nearly party-line 222-203 House vote was a positive step.

"I urge the Senate to complete its work next week so the House and Senate can work out their different versions and get a tax relief bill to my desk as soon as possible," Bush said.

In the Democrats' radio response, New Jersey Gov. James McGreevey said such a tax cut would further cripple already burdened state budgets.

"Every dollar we are in the red is a dollar that we can't invest in our economy, schools that won't be built, bridges that will not be repaired and jobs that won't be created," he said. "Today, 46 states face crippling budget deficits totaling $70-billion."

"State budget deficits will force tax increases and service cuts that will only hurt the economy, yet the stimulus package offered by the president fails to provide a single dollar in aid to the states," McGreevey added.

Bush took heart in the fact that major tax cut legislation modeled on his proposals was advancing.

"This week's progress demonstrates that both houses of Congress and both political parties agree that tax relief will help this economy," Bush said on the radio. "Now the discussion is about how much tax relief the American people need and deserve."

© 2006 • All Rights Reserved • Tampa Bay Times
490 First Avenue South • St. Petersburg, FL 33701 • 727-893-8111

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright