US Congressional Report Reignites Bush Tax-Cut Debate

[Nambe]

http://www.international.nasdaq.com/asp/gmWorldNews.asp&headl">WASHINGTON -(Dow Jones)

The Congressional Budget Office is expected to release Friday morning data that Democrats say corroborates their criticism of the tax cuts enacted under President George W. Bush in 2001, 2002 and 2003.

According to Democratic analysis of the CBO report, nearly $89 billion of the $270 billion in tax cuts for 2004 will go to the wealthiest 1% of Americans. Congressional aides were briefed on the report's contents Thursday afternoon. ..

Rangel noted that tax cuts for the wealthiest fifth of Americans will have lowered federal revenues by $180 billion in 2004. That, said Rangel, is about 40% of the projected deficit for 2004.

"Republicans will spin until they're dizzy, but the facts show the single biggest reason for the skyrocketing deficits is the Bush Administration's economic policies," Rangel said.

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