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However, Bush soon confirmed that tax increases were on the table. [3]: 34 Some of the most enraged over the change in policy were other Republicans, including House Whip Newt Gingrich, the Senate leadership, and Vice President Dan Quayle. They felt Bush had destroyed the Republicans' most potent election plank for years to come.
Over the course of the prior year, President George H. W. Bush negotiated with Congressional leaders on a deficit reduction plan. At the time, Congress was controlled by Democrats. In June, Bush announced support for tax increases to break a stall in the negotiations, abandoning his campaign promise of "read my lips: no new taxes".
After Republicans re-took control of the Senate during the 2002 mid-term elections, Bush proposed further tax cuts. With little support among Democrats, Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JGTRRA"), which cut taxes by another $350 billion over 10 years.
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By Elizabeth Barber BOSTON (Reuters) - Former U.S. President George H.W. Bush showed courage in breaking his "read my lips: no new taxes" campaign pledge to broker a 1990 budget compromise that ...
Treasury Secretary Timothy Geithner said the Bush-era tax cuts for the wealthiest Americans should be allowed to expire this year in order to narrow the federal government's deficit. The New York ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 November 2024. 2013 tax increase and spending decrease This article is part of a series on the Budget and debt in the United States of America Major dimensions Economy Expenditures Federal budget Financial position Military budget Public debt Taxation Unemployment Gov't spending Programs Medicare ...
On the evening of the Georgia primary, in an interview to The Atlanta Constitution, Bush accepted that the tax increases in the 1990 budget deal had been his "biggest mistake". [9] Buchanan managed to get 35% or more votes in primaries until March 10, after which, Bush won all the primaries on Super Tuesday which gave his campaign a lead in the ...