Washington (May 29, 2003) -- President Bush signed a $350 billion tax-cut bill into law during an elaborate White House ceremony Wednesday, marking the third time he has slashed taxes during his administration in an effort to boost the economy.

“Today we are taking essential action to strengthen the American economy … (that) will deliver substantial tax relief to 136 million American taxpayers,” Bush said before signing the measure. “By ensuring that Americans have more to spend, to save and to invest, this legislation is adding fuel to an economic recovery,” he said.

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