Apparently the tax cut bill introduced today will be a bill that "reflects" the Bush tax cut bill. It was sponsored by a Rep., Phil Gramm, who then found a Dem. sponsor, Zell Miller. Curious, no?
What is even more interesting is this bit of backpeddaling?:
While longtime Bush economic advisor Lawrence Lindsey, who will serve in the White House, is the chief architect of the tax-cut plan, Treasury Secretary Paul O'Neill is likely to be the most visible Administration official during the tax debate, said Stan Collender, head of the federal budget consulting group at Fleishman Hillard.
But O'Neill's appearance before the Senate Finance Committee earlier this week raised some eyebrows as he downplayed the role tax cuts would play in stimulating the slowing U.S. economy.
O'Neill, a longtime friend and associate of Fed chief Alan Greenspan, instead played up the central bank's role as the "first line of action" in fighting a downturn through monetary policy.
"I'm not going to make a huge case that this is the investment we need (in order) to make sure we don't go into a recession," O'Neill told the panel.
Mitchell Daniels, Bush's nominee to head the Office of Management and Budget, echoed O'Neill in a confirmation hearing Friday, telling senators that while a stimulus effect could be gained, it was only one of "multiple reasons" justifying a tax cut.
The remarks by O'Neill and Daniels marked something of a departure from the Bush line adopted in the weeks following Vice President Al Gore's concession.
cbs.marketwatch.com
Could it be that Uncle Al had a friendly chat with his old friend O'Neill?
Hard to tell what the hell is going on at this point. |
