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Congress extends tax cuts for years

Schweddy

Schweddy

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Source: Yahoo News

Congress overwhelmingly approved $146 billion in middle-class and business tax cuts Thursday night, handing President Bush (news - web sites) a big victory 40 days before the election.

Some lawmakers' concerns that the move would add to the $422 billion federal budget deficit and shortchange the poor gave way to an election-year push by Republicans and most Democrats to call themselves tax-cutters.

The bill passed the House 339-65 with only Democrats opposed. Within minutes, it whisked through the Senate 92-3; two Republicans voted no.

Bush is expected to sign the tax cuts into law within a few days. "This legislation will give families and small businesses added certainty and keep us on the path to greater prosperity," he said. "It brings us one step closer to making the tax relief permanent."
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