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Politics : PRESIDENT GEORGE W. BUSH
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To: puborectalis who wrote (161944)7/17/2001 10:41:26 PM
From: ColtonGang  Read Replies (2) of 769670
 
Big trouble for Bush...........LATIMES report:Office of Management and Budget Director Mitchell E. Daniels Jr. has said the federal budget surplus for 2001 could be as much as 40% smaller than the $275 billion forecast earlier this year.

Republicans argue that the 10-year, $1.35-billion tax cut Bush shepherded into law eventually will kick the economy back into full throttle, causing government revenue to again accelerate. But for now, the tax cut's immediate effect will be to eat up part of the $5.6-trillion surplus that had been projected over the next 10 years.

This has created challenges for Congress. Defense hawks worry that Congress cannot provide the Pentagon the $30-billion increase that military officials want. Education advocates wonder how lawmakers will fund the big increases in education aid that both parties have proposed. These and other spending pressures further undercut any tax cut push.
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