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Bush praises tax cut package
CRAWFORD, Texas (CNN) -- President Bush sang the praises Saturday of the tax cut bill passed this week by Congress, calling it "a vital action" that will stimulate the economy and create jobs. "This achievement is a victory for every family struggling to pay the bills, every entrepreneur hoping to expand the business and create new jobs and every American looking for work," he said in his weekly radio address. Aides say Bush will likely sign the bill into law when he returns to Washington from a weekend at his Crawford ranch. Not everyone agrees with the president, however, and the votes were close -- 231-200 in the House and a 50-50 tie broken by Vice President Dick Cheney in the Senate -- but largely along party lines. During the debate on the Senate floor, Minority Leader Tom Daschle decried what he called "the gimmickry in this bill," which he said "is enough to make an Enron executive blush." To win support for the bill, its backers made much of the tax cut temporary, lowering its overall cost. Democrats and some Republicans complained the move hides the bill's true costs because future members of Congress likely will accede to pressure to extend the cuts. Over 10 years, some Democrats argue, the bill will cost $800 billion -- money they say is badly needed to fund critical government programs. The tax cut bill reduces income tax rates, lowers the marriage penalty, increases the child credit, increases the expensing allowance for small business investment, and significantly reduces taxes on dividends. Lawmakers worried over deficit Some lawmakers also have expressed concerns about increasing the federal budget deficit. In his radio address, Bush pledged to work with Congress to lower the deficit, which he blamed on "war, recession and terrorist attacks." "Faster growth in the economy will bring more revenues into the federal Treasury," he said. "Yet moving toward a balanced budget also requires that we hold federal spending to a responsible level. I urge the Congress to set priorities and stick to the responsible budget plan they passed back in April." After suffering defeat in the fight to block the White House-backed tax cut package, Democrats in their radio address avoided the topic altogether. Instead Daschle -- who had been among the plan's most outspoken critics -- focused his comments on praising the U.S. military.
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