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Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: freeus who wrote (6251)	2/14/2002 3:48:30 PM
From: Venkie	Read Replies (1) \| Respond to of 13815

you will do fine

To: freeus who wrote (6251)	2/14/2002 11:03:28 PM
From: Venkie	Respond to of 13815

Thursday February 14, 10:04 pm Eastern Time W.House: Tax Cuts to Create 800,000 Jobs By Randall Mikkelsen WASHINGTON (Reuters) - Girding for an election-year battle with congressional Democrats over taxes, the White House on Thursday said last year's $1.35 trillion tax cut would spur 800,000 new jobs by the end of the year and pull the country out of recession. ADVERTISEMENT Countering calls by some Democrats to suspend the 10-year tax cut to prevent budget deficits, a report by the White House Council of Economic Advisers said the tax cut has ``raised the prospects of a solid recovery in 2002.'' It said the tax cut will have pumped $126 billion into the economy in 2001 and 2002, boosting economic growth by 0.5 percentage point to 2.7 percent for 2002. ``Moreover, by the end of 2002, the president's tax relief will have helped the private sector to create 800,000 more jobs than there otherwise would have been,'' it said. Vice President Dick Cheney is expected to highlight the report in a speech on the economy to the Council on Foreign Relations on Friday, White House officials said. The tax cut, passed by Congress last year as the economy was heading into a recession, and Bush's call to make it permanent as part of a new economic stimulus plan, have emerged as central issues in this year's election contest for control of Congress. The Republican-controlled House of Representatives on Thursday voted for a stimulus plan similar to a Bush-backed one that passed last year, which failed in the Democratic-controlled Senate. The House voted to attach the measure to an unemployment benefits bill, but the Senate has already sent a clear signal that the broad stimulus package would fail in that body. U.S. Rep. Martin Frost, a Texas Democrat, called the House move ''nothing more than partisan gamesmanship.'' The report said canceling the tax cut would jeopardize an economic recovery -- costing 500,000 jobs in 2003 and slowing growth by 0.7 percentage point -- while making it permanent would provide an additional boost to the economy. ``Pro-growth policies, such as the president's plan for permanent tax relief, are important because they give short-run and long-run incentives to the private sector to create jobs, raise income and restore prosperity,'' it said. Democrats say the tax cuts threaten to extend a renewed period of budget deficits, and deprive the government of money for what they say are essential reforms of the Social Security retirement system and Medicare old age health plan. Email this story - Most-emailed articles - Most-viewed articles