A democrat-backed plan to trim taxes was rejected by the U-S Senate lastnight in favor of a much broader republican-sponsored plan. Iowa Senator TomHarkin, a democrat, says he’ll vote against the G-O-P package later today.Harkin says more moderate tax cuts are needed. He says the republicanpackage would “put our economic prosperity in jeopardy:”Harkin says the vast majority of the tax benefits are only for the verywealthy. A version of the measure first passed in the House, where IowaCongressman Tom Latham says he’s concerned about President Clinton’s threatto veto the package.Latham says the 792-billion dollar tax reduction package will NOT have thesupport to override the threatened veto, though he says Clinton SHOULD signthe tax cut into law.Federal Reserve Chairman Alan Greenspan suggested lawmakers hold off on taxcuts because bigger-than-expected budget surpluses may not materialize.
