While concerned about soaring budget deficits, the Bush administration is confident that a rebounding economy will help cut the deficit in half by 2005, Treasury Secretary John Snow said Wednesday.
Snow rejected calls by many of the Democratic presidential candidates to roll back some or all of the president's massive tax cuts, which they blame as a major factor in the exploding federal deficits.
Snow said that instead of rolling back the tax reductions, which Democrats contend have gone overwhelmingly to the wealthy, they should be made permanent. He said if the 2001 and 2003 tax cut bills had not been passed, 109 million taxpayers would face tax bills this April 15 that would be on average $1,544 higher.
"Let me be perfectly clear: Failure to make the tax relief permanent would be a huge mistake and would put our recovery in jeopardy," Snow said in prepared remarks to the U.S. Chamber of Commerce.
More about this and other fairy tales at:
http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2004/01/07/national1117EST0542.DTL
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