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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Ish who wrote (142512)	5/4/2001 12:51:48 PM
From: Scumbria	Read Replies (1) \| Respond to of 769670

Ish, A Historic Veto Clinton strikes one spending, two tax provisions; GOP says it was 'blindsided' WASHINGTON (AllPolitics, Aug. 11) -- President Bill Clinton, with a historic stroke of his veto pen, struck three items from the balanced-budget spending and tax laws this afternoon. "The actions I take today will save the American people hundreds of millions of dollars over the next 10 years," Clinton said, "and send a signal that the Washington rules have changed for good, and for the good of the American people. (384K wav sound) "The first balanced budget in a generation is also the first balanced budget in American history to be strengthened by the line-item veto," Clinton said in the Oval Office ceremony. "And that will strengthen our country." The three items that Clinton vetoed were: A Medicaid provision affecting reimbursements to the state of New York. The administration says the measure gives New York too much Medicaid funding. Clinton called it "impermissible in every other state in the country." "No other state in the nation would be given this provision, and it is unfair to the rest of our nation's taxpayers to ask them to subsidize this." A special tax break for the sale of a sugar beet processing plant owned by Texas businessman and Republican Party contributor Harold Simmons. The estimated savings to the Treasury were $84 million over five years. "Though well-intentioned, Clinton said, the provision "is poorly designed." It "would have allowed a very limited number of agribusiness to avoid paying capital-gains taxes, possibly forever, on the sales of certain assets to farmer's cooperatives," Clinton said. A tax provision that benefits some banks and financial institutions by lowering taxes if they move money around overseas. The provision, Clinton said, "would allow financial service companies to shelter income in foreign tax havens to avoid all U.S. taxation." This marks the first time the line-item veto has ever been used, and a court challenge to its constitutionality is all but certain. House Speaker Newt Gingrich immediately lashed out at Clinton for exercising the power Republicans fought for years to give the president. cnn.com