Posted on 01/10/2003 2:23:55 AM PST by kattracks
WASHINGTON - President Bush's $674billion economic plan hit a wall in the Senate yesterday when moderate Republicans and centrist Democrats signaled it may be dead on arrival.Sen. Lincoln Chafee (R-R.I.) said he'll vote against the package, joining at least four other GOP senators who hinted Bush's plan needs changes to win their votes.
"My fears have been borne out," said Chafee, who voted against Bush's $1.35trillion tax cut in 2001 because he feared it would bust the federal budget. "I can't see giving away any more of our revenues, which we're doing in tax cuts."
Chafee and Sen. Diane Feinstein (D-Calif.) announced legislation to block scheduled reductions in the top income tax rate as long as the government runs a budget deficit.
Four other Republican senators - Susan Collins and Olympia Snowe of Maine, John McCain of Arizona and George Voinovich of Ohio - also criticized the Bush plan.
Collins, who supports parts of Bush's plan, said his proposal to eliminate taxes on stock dividends - the heart of the Bush plan - "deserves further scrutiny."
"I would like to see further tax cuts targeted toward middle- to lower-income taxpayers who would be likely to put the money back into the economy," she said.
Snow and Voinovich told White House Chief of Staff Andrew Card during a closed GOP meeting yesterday that they have problems with the stimulus package.
The GOP has a razor-thin 51-49 majority in the Senate, so five possible defections likely would doom Bush's plan.
"It's going to be dramatically changed," a top GOP Senate source declared. "What you see now is not what you're going to get."
Adding to the turmoil for White House head-counters, most of the 12 Democrats who supported Bush's 2001 tax cut are not on board this time around. Centrist ringleader Sen. John Breaux (D-La.) called the tax cut "good politics but it is not necessarily good policy."
Just days after ceding control of the Senate to the GOP majority, Senate Minority leader Tom Daschle (D-S.D.) said, "I'm pretty sure they don't have the 51 votes."
A GOP source said the only Democratic defection the White House can count on is Georgia lame-duck Zell Miller, who is not running for reelection.
"The big dynamic is that the moderate Democrats are not going to cut the White House slack this time," the GOP source said.
Top of the list? Johnny Dumb Lately McCain.
Would the "wealthy" put their money under in the mattress? Where do these people learn their economics?
Orrin Hatch cut a deal with Leahy to give him 50% of the udicial Committee budget when the Democrats were only entitled to 33%!!!! Moderate Republicans...YUK!!
Senator Frist needs to do something to Hatch!! And we need to do something about Chaffee. Anyone have his phone number??
Only direct donations to individuals... lets start getting rid of the dead weight. This is a good method to determine who the RINO's are and who the Republicans are. I knew that it was to good to be true.
I'm glad you put this quote in bold, Kattracks.
It shows the unabashed audacity & utter contempt some of these elected representatives have for the people of this country.
A lot of middle class Americans have their savings in CDs. Before the GWB presidency, there were rates to be had at over 6%. Now, even the good ones are just a shade over 4%. That's a 50% loss in interest when CDs are renewed. It's devestating to Seniors who use that interest in order to balance their budgets or provide some extra income for non-essentials.
So, logic would be that the tax cut should be on CD interest...if it's really meant to help middle class Americans who have suffered with the Bush economy.
As far as any cuts, though. The last one didn't save the economy. The bracket reductions are still in place. I think it might be an economic mistake to cut more taxes when government expenditures are going up.
Even one of Bush's most reliable Democratic allies, Sen. John Breaux, D-La., is critical of the package and bearish on its prospects. Bush and his allies ''cannot pass it like it is,'' Breaux said. ``They are going to have to move on a lot of things.''
''It's going to be very tough to get it through the Senate,'' said Sen. Kay Bailey Hutchison, R-Texas, a member of the Senate GOP leadership. Bush ``put out what he believes is right, what his wish list is. There's going to have to be compromise.''
Despite Bush's sense of urgency about the economy, congressional leaders say it probably will be months before a version of the plan can clear Capitol Hill.
But other Republicans say there is less enthusiasm for the new Bush plan in the GOP rank and file than there was for the 2001 bill, which cut taxes by $1.35 trillion.."
W needs to call each of these idiots over to the WH for a chat.
And that smug little, tousled_hair blowing in his face, Chaffee twit from Rhode Island? Disgusting, palling around on TV with Diana Finestein.
I hate to say this, but the only reason these folks want months to work on this, is so that they can take all the time they want to pad the legislation with graft for the folks back home.
Anotherwords, we'll spend a bundle to get tax savings realized. This is just exactly what the Democrats did when Reagan pushed through his tax cuts. Federal revenues skyrocketed, but spending grew faster. Looks like a case of "here we go again." How sad and utterly frustrating.
These Republicans should hang their heads in shame. We have both houses and still the party can't do a damned thing right.
I know it's not possible on a federal level, but the California Republican leader announced that he would personally file recall papers on any Republican in the legislature who caved on not raising taxes.
I would like to see Frist take charge on this right off the bat. You know, cut a few hearts out or something...
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