Bush Signs $70B Tax Cut Package

In a political victory for Republicans, President Bush signed the sixth tax cut in the past six years yesterday, in a Rose Garden ceremony.

In both houses of Congress, the debate over the bill followed partisan lines -- Republicans credited the tax cuts, first enacted in 2003, as the impetus to a surging economy and booming federal tax revenues, while Democrats spoke strongly against the bill, suggesting that the monetary benefits of the cuts on capital gains and dividends flowed directly to the super-wealthy.