Word: trillion
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...hindsight, it all makes perfect sense. George W. Bush has a campaign wish list, a solid House majority and a split-down-the-middle Senate. So he uses the bully pulpit and the House's Republican leadership to set the high bid - $1.6 trillion in tax cuts, 4-percent growth in discretionary spending - and in the Senate, let the centrist Democrats make the counteroffer. Bush takes his 55 votes and calls it a compromise...
...Result: Thursday, the House and Senate pass a budget resolution codifying - in a non-binding, general-principles kind of way - a $1.35 trillion tax cut and a discretionary-spending growth cap at 4.9 percent. Head Senate Democrat Tom Daschle claimed Wednesday that Bush "was dragged kicking and screaming" into the negotiated deal, but the White House's man on the scene, OMB chief Mitch Daniels, may have been closer to the truth...
...budget resolution is on paper, and now legislators go back to their committees and start making the hard choices about where those dollars (or lack thereof) are going to come from. The Senate Finance Committee will craft the details of the proposed $1.35 trillion income tax cut (including $100 billion in new "economic stimulus" in the next two years), shooting for a May 18 deadline and a full Senate vote by Memorial...
...overall 2002 budget - which now clocks in at just under $2 trillion, including $667 billion in discretionary spending for fiscal 2002, a $300 billion set-aside for Medicare reform and a prescription drug benefit, $80 billion in agriculture funding, $28 billion in health insurance for the uninsured, $44.5 billion in education funding, and a call for $2.3 trillion in debt reduction by 2011 - could take a lot longer...
...Transition costs: Just how much is it going to cost to transfer to this new system? Some experts say it could be close to $1 trillion. Where is that money going to come from? Bush has vowed not to raise Social Security taxes or cut benefits for those in the system, which walls off some options...