15 March 2001, 18:47 US TSY'S O'NEILL WORKS SENATE FOR SUPPORT ON TAX CUT
WASHINGTON (MktNews) - Treasury Secretary Paul O'Neill left a
meeting with a group of more than a dozen Senate moderates Wednesday
evening pledging to continue work on passing a tax cut package that can
win bipartisan support.
"We talked about everything you can imagine," O'Neill said, when
asked to describe the specific elements of the tax package that were
under discussion.
O'Neill said that the meeting was wide-ranging and touched on
almost all aspects of President Bush's $1.6 trillion tax cut package.
"I learned an awful lot," he said, adding that he now understands
the thinking of many lawmakers regarding specific concerns about the
Bush tax cut.
"We're going to get it done," he said, referring to a tax cut that
can pass a Senate which is divided 50-50.
Several lawmakers leaving the session said O'Neill made a
particularly vigorous pitch for passing the marginal rate tax
reductions, which are the centerpiece of the Bush tax cut program.
Senator Arlen Specter said that one idea floated during the meeting
was to pass this year a bill including only the marginal rate
reductions, which would cost about $1 trillion over a decade. The other
elements of Bush's package could be placed in a separate bill and pushed
later if surplus projections prove true, Specter added.
O'Neill deflected a number of questions about the current
volatility in the U.S. stock market. He simply ignored direct questions
about whether he is concerned about the continuing turbulence in the
markets.
O'Neill also said that he left the session believing that the
moderate group is comprised of "people of goodwill" who want to pass a
significant tax cut this year. He said the discussion did include
mention of a so-called trigger, which would condition tax reduction on
the achievement of surplus goals. He declined to endorse or rule out
such a trigger.
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