Iowa Congressman Jim Nussle says the tax cut package which passed the House today on a party-line vote will help the nation’s struggling economy. Nussle says the “fundamentals” of the economy are strong with low energy costs and some of the lowest interest rates.in history, but the economy’s not growing. Nussle says people are holding back on personal spending because taxes are too high, and the package will hopefully spur business development. Democrats say the 10-year, 550-billion dollar tax cut package will create enormous federal budget deficits. Nussle, who is a Republican, says as chairman of the House Budget Committee he’s drafted a federal budget that will erase that deficit within a few years.Nussle says the terrorist attacks, a recession and two wars helped drive the deficit up. He says his plan will get things back under control the way Republicans did in 1997. Iowa Senator Chuck Grassley, chairman of the Senate Finance Committee, is crafting a package that has fewer tax cuts, and Nussle says that Senate plan doesn’t go far enough. Nussle says the plan Grassley and other Senate Republicans are drafting is “not a recipe for economic development” because it increases federal spending. Nussle says a tax cut package that looks more like economic growth rather than government growth is his aim.
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