Backstage Maneuvering Casts Doubt on Bush Plan's Success

Duff, Susanna
April 2003
Bond Buyer;4/15/2003, Vol. 344 Issue 31615, p6
Trade Publication
A Senate deal brokered in the U.S. in April 2003 to win two Republicans' support for the fiscal 2004 budget threatens the success of President George W. Bush's controversial dividend tax proposal. This has given hope to municipal bond market participants who believe the proposal would create competition. In order to get the Senate's approval for the $2.248trillion budget resolution, Senate Finance Committee chairman Charles Grassley promised Senators Olympia Snowe and George Voinovich that he will keep tax cut legislation negotiated later in the year to under $350 billion. Support from the two senators was crucial for the budget, which was passed on a 51-50 vote. The $350 billion tax package called for in the Senate budget would not leave room for the full dividend proposal and raises doubts that the dividend proposal could be enacted at all.


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