President Bush is about to accept the smaller tax-cut package Iowa Senator Charles Grassley helped shephard through the Senate. President Bush originally sought a tax cut worth more than 700-billion, but this morning, three Republicans voted against a package that extends 330-billion dollars in tax cuts. Vice President Dick Cheney had to cast the deciding vote so it could gain final passage in the Senate. It passed the House last night. Grassley is the chairman of the Senate’s tax-writing committee and last month Grassley promised to advance the scaled-down tax cut plan to answer complaints from two Republican Senators who worried the President’s proposal would lead to even larger federal budget deficits. Grassley drew fire from some Republicans for making that promise, but he has repeatedly said a larger tax cut bill could never pass the Senate. President Bush is expected to quickly sign the tax cut plan into law and some of the cuts will take effect as early as this summer.
Iowa's Radio News Network
