Word: surpluses
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Nervous about rosy surplus projections, Senate moderates have floated the idea of a "trigger" that would postpone tax cuts in later years if there's no surplus to cover them. Bill Thomas, House Ways and Means Committee chairman, has ideas of his own, such as moving the tax-rate cuts through his committee before taking up other parts of the package. "You know, Bill," Bush joked with Thomas at a White House meeting, "you can pass anything you want as long as it's my bill." The two men laughed--but both knew that wasn't the case...
...surplus...
...also fixated on fiscal discipline, on the size and affordability of George W. Bush's $1.6 trillion tax cut, on whether those ballooning surplus projections are really to be believed. The IRS, remember, is what makes the tax base the tax base. It's how the government makes its money and pays its bills. It's how the surplus gets there...
...Daschle and Dick Gephardt, armed with posterboards, announcing the minority party's counteroffer to George W. Bush's $1.6 trillion baby: $900 billion. No details - the Dems are still squabbling about what kind of tax cuts they want - but some proportions. With the projected non-Social Security surplus at $2.7 trillion, Daschle and Gephardt did sketch out a general surplus plan: one third for tax cuts, one third for debt reduction; and one third for new spending (education, a Medicare prescription drug benefit and the like...
...cuts, along with what he promises will be healthy dollops for debt reduction and new programs, but he doesn't have all the details yet either. He submits his budget plan to Congress on Feb. 28, after addressing a joint session with a state-of-the-surplus address the day before...