Congressional Observer: May 2003 | Aviation International News

Regulations and Government

Congressional Observer: May 2003

Cutting President Bush’s proposals to reduce taxes by some $726 billion; concern over ever increasing deficits that are now approaching a record $400 billi

By John A. Pope

February 5, 2008

Cutting President Bush’s proposals to reduce taxes by some $726 billion; concern over ever increasing deficits that are now approaching a record $400 billion for this year; raising the government’s debt limits; and how much to spend to cover the cost of the war in Iraq, as well as other emergencies–these were the primary concerns of elected representatives as they tackled this session of the 108th Congress.

The tax cut will likely bottom out at about $350 billion, roughly half what the administration has been proposing. Legislators cited that eliminating the levy on corporate dividends and reducing income tax in the face of the Iraq war, soaring deficits and homeland security needs warranted drastic reductions in what was proposed.

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