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Tax Cut Approved, Republicans Happy

Aired April 06, 2001 - 14:45   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LOU WATERS, CNN ANCHOR: And we have the vice president of the United States amid a Republican fest in the Senate gallery, talking about today's vote on the president's tax proposals.

(JOINED IN PROGRESS)

(LAUGHTER)

RICHARD CHENEY, VICE PRESIDENT OF THE UNITED STATES: All right. Good. You figured out how to do that.

SEN. TRENT LOTT (R-MS), MAJORITY LEADER: Working on it.

CHENEY: OK, all right.

RICHARD CHENEY, VICE PRESIDENT OF THE UNITED STATES: Well, I'm delighted, as is the president, with the approval by the Senate of the budget resolution this afternoon. We think it constitutes major progress. It's another step in the effort to get a good, solid legislative program in place, specifically a significant reduction in the taxes of the American people, as well as the approval of important spending priorities going forward.

We think that the result, the 65-35 vote on final passage, is a good one, that it is an indication of the extent to which we can expect to be able to continue to work together to make progress.

I would emphasize, this is just one step in many. We've still, clearly, got to go to conference and then, coming out of conference, get the final budget resolution approved in both houses, and after that, of course, go forward with reconciliation with the tax legislation and the other specific pieces of legislation to implement the budget.

But I am delighted that we are through at 3 o'clock on a Friday afternoon and that things have gone as well as they have. I think it has been a good week for the American people.

SEN. PETE DOMENICI (R-NM), CHAIRMAN, BUDGET COMMITTEE: The leader has told me that since I have been on the floor all of these days, I can go next.

First, Mr. Vice President, thanks for all of you help, hospitality and cordiality throughout this. I know they keep saying the manager, the chairman, but we couldn't do this without you, and thank you so much for your help.

I want to say to American taxpayers and American families: This vote today means that help is on the way. It means that a major tax bill is going to be passed by the United States Senate and by the United States House, shortly after May 18 of this year.

That's the date the committees are to return the major tax bill provided for in this budget resolution.

So, again, might I say, those who have been waiting for a stimulus, waiting for a permanent marginal rate cut, help is really on the way, because we can't avoid it now. Nobody can filibuster it; nobody can delay it. This is an exciting day because this is the second-most bipartisan budget resolution we have ever had.

Third, it's very important that we explain to everyone that this budget also protects Social Security, makes sure no money of the Medicare trust fund is spent for anything other than Medicare, and, third, covers the very high priority of dramatically increasing public education.

Now, I just don't think we can do a better day's work than at 10 minutes of 3 today to have passed that and get on with the people's work.

LOTT: Well, Mr. Vice President, thank you for joining us here this afternoon. I must say you have put in three stellar performances during the process of votes on the budget resolution. And every time you voted, the American people won, is the way it seemed to me. But particularly that last vote, we were pleased that you were here to gavel the final vote.

And I emphasize once again, this was a very important first step in getting through the budget process, but as the chairman of the Budget Committee has indicated, getting genuine, significant tax relief for working Americans.

And it wouldn't happen without the leadership we get from the chairman of the Budget Committee, Senator Domenici. He's been the ranking member on our side on budget resolutions 14 times, and he's been involved in every budget resolution since we started trying to make budgets balance.

And as of three years now, we've been having balanced budgets, we've been reducing the debt, and we're going to continue to do that while protecting these high priority interests of the American people, the president, and the Congress while giving this very significant tax relief.

In a moment, you'll be hearing from a number of the Democrats that voted for this bill; 15 of them voted for it on final passage.

There have been those that resisted letting working Americans keep more of their hard-earned money, but the number has been moving up. A year ago, there was resistance to doing even $250 billion in tax relief, and then it was $750 billion, then it was $950 billion, then it was maybe $1 trillion. And now we're up to a very significant number of tax relief.

We'll go to conference. We'll continue to work, and we'll continue, of course, to counsel with the president to make sure that we're going to what is the right thing on tax relief, but also, as Senator Domenici pointed out, on education, defense and agriculture and other important issues.

WATERS: One-point-two-seven trillion is the number worked out by the Senate for tax relief and the lowering of marginal rates, as the vote of 65-35 is causing grins galore among the Republicans you've been listening to, including the vice president, said he's delighted, as is the president. And this demonstrates ability to work together to make progress.

Pete Domenici, sitting on the budget committee, says help is really on the way. And it's just before 3:00 in the afternoon and they're all delighted that they're going to have a nice, long weekend watching the Masters.

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