Washington (Feb. 3, 2003) -- As part of his $2.4 trillion budget for 2005, President George W. Bush proposed making the current tax cuts permanent and offered up a proposal to expand and simplify tax-free savings accounts.

The administration maintained that if the current tax cuts, which are set to expire in 2010, were made permanent, they would stimulate growth and reduce the budget deficit by half within five years.

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