The deficit is high, the debt is growing, the war’s financial costs are exorbitant, and the nation is just coming to grips with the need for a sizable investment in the nation’s bridges and infrastructure.
Given this environment, the president has a plan: more tax cuts.
President Bush said yesterday that he is considering a fresh plan to cut tax rates for U.S. corporations to make them more competitive around the world, an initiative that could further inflame a battle with the Democratic Congress over spending and taxes and help define the remainder of his tenure.
Advisers presented Bush with a series of ideas to restructure corporate taxes, possibly eliminating narrowly targeted breaks to pay for a broader, across-the-board rate cut. In an interview with a small group of journalists afterward, Bush said he was “inclined” to send a corporate tax package to Congress, although he expressed uncertainty about its political viability.
As Kevin Drum put it, "He really is like a windup doll, isn't he? No matter what's going on in the outside world, no matter what problems we're facing, no matter what the political situation is, you pull the cord and he says 'Tax cuts!' It's like he's the Manchurian President."