In Rebuff to Bush, Senate Votes Tax-Cut Barriers

[dv6y]

Wow. Interesting development.

[BurnKU]

senators approved an amendment to the annual spending-and-tax blueprint for 2005 that would require any tax cuts to be offset by equal spending cuts or tax increases over the next five years

Fine with me. Keep cutting taxes and spending.

[nick2]

In Rebuff to Bush, Senate Votes for Tax-Cut Barriers

By Jonathan Weisman
Washington Post Staff Writer
Thursday, March 11, 2004; Page A07

The Senate voted last night to slap stringent new barriers on tax cuts, dealing a potentially damaging blow to President Bush's efforts to make permanent the bulk of the $1.7 trillion in tax cuts passed since he took office.

By a 51 to 48 vote, senators approved an amendment to the annual spending-and-tax blueprint for 2005 that would require any tax cuts to be offset by equal spending cuts or tax increases over the next five years. That barrier could only be waived by 60 votes in the 100-vote Senate.

Lawmakers believe that hurdle could easily be cleared for the three tax cuts that expire this year, which are aimed at middle-income households: the expanded 10 percent tax bracket, the $1,000 child credit, and the "marriage penalty" cut. But Republicans will be hard-pressed to extend more controversial measures that tend to favor the affluent -- such as the deep cuts in capital gains and dividend tax rates that expire in 2009, according to lawmakers and aides.

"Deficits matter. Debt matters. Let's not leave our children and grandchildren with an even bigger tab than we've already stuck them with," said Sen. Russell Feingold (D-Wis.), the measure's chief author.

source

But the vote last night was indicative of growing concerns in Congress -- even among Republicans -- of swelling budget deficits and the president's continuing push for more tax cuts.