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To: patron_anejo_por_favor who wrote (108289)	6/12/2001 3:26:53 PM
From: oldirtybastard	Respond to of 436258

More Fed talk, speculation abounds with that crowd, they should buy stocks -g- Tuesday June 12, 2:59 pm Eastern Time McDonough-US tax cut to add 0.4 pct to 2001 growth CHICAGO, June 12 (Reuters) - U.S. federal income tax cuts, which are expected to kick in later this year, should add 0.4 percent to U.S. economic growth in 2001, Federal Reserve Bank of New York President William McDonough said on Tuesday. McDonough, a voter on the Fed's monetary policy-setting committee, also said President George W. Bush's $1.35 trillion tax cut package signed into law last week should add an additional 0.7 percent to U.S. gross domestic product (GDP) in 2002. The tax cut package will deliver immediate rebates to taxpayers and an across-the-board overhaul of income tax rates. Rebate checks of up to $600 per couple will be mailed beginning in late July and most will be mailed out by September. U.S. GDP growth ran at a 1.3 percent annualized pace in the first quarter of this year but many economists expect a slower rate of growth in the current quarter before the economy picks up steam again later in the year. McDonough gave his remarks to a Mid-America Committee Leadership luncheon at the Chicago Club.