Washington (May 1, 2003) -- Senate Majority Leader Bill Frist of Tennessee agreed to push the Senate to exceed the $350 billion ceiling on tax cuts and move closer toward the $550 billion currently sought by President George W. Bush.

After a meeting yesterday with the president, Frist projected that the final cut would lie somewhere between $350 billion and $550 billion.

Meanwhile, in testimony before the House Financial Services Committee, Federal Reserve Chairman Alan Greenspan again voiced his opposition to the tax cuts, saying that the measure would run up a larger deficit.

Four Republican lawmakers indicated they would block any attempt to go above the $350 billion mark.

-- WebCPA staff

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