Word: trillion
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...Never mind that military unreadiness - and the alarmist tone Cheney and Bush are sounding on it - is starting to look like about as enticing a campaign issue as that $1.3 trillion tax cut. After a decade of U.S. military successes almost as overwhelming as its economic ones, it's a crisis voters weren't particularly aware of, and a solution they aren't particularly crying for. But never mind that; for Cheney, it sure beats heat over executive pay packages...
...wants to avoid--he had no choice but to shoot back. And so Bush began exchanging fusillades with Gore, each claiming his plan would do more for middle-class people than the other guy's would, and each charging that the other would squander the nation's projected $4.6 trillion budget surplus (see chart). Gore asserted that his tax plan, which could cost up to $620 billion over 10 years, was more prudent and fair than Bush's, which would run $1.6 trillion over nine years. The Bush camp countered that Gore's plan would give no tax relief whatever...
...Half the surplus will be needed for Social Security, and both candidates promise that money is off limits. And the projected $2.2 trillion that remains may turn out to be far less. For one thing, the CBO estimates do not account for the fact that many popular tax breaks now scheduled to expire will almost certainly be renewed. The projections also assume that discretionary spending, such as the defense and education budgets, will grow no faster than inflation. Judging from recent history, Congress is unlikely to show that kind of restraint. "At best, we have a small surplus, nothing like...
...would come from Steve ("Flat Tax") Forbes. They were worried that Forbes would paint Bush as soft on taxes, like his father. To counter that, Bush proposed a tax cut massive enough to impress fiscal conservatives, but one that also included a pro-working family element. Result: a $1.6 trillion promise. The irony: Forbes never caught fire. Bush found himself saddled with a jumbo tax cut against an opponent--McCain--who argued for being fiscally prudent and paying down debt. Bush went on to win the nomination, of course, but he's still lugging around his tax-cut plan...
...days ago, George W. Bush got bored political reporters' hearts all aflutter by admitting he's "got to do a better job" of convincing voters that his 10-year, $1.3 trillion tax cut is not only affordable budget-wise but also evenly distributed among the lower, middle and upper classes...