Washington -- The proposed tax cuts as part of President Bush’s $2.4 trillion budget would most likely have a minimal effect on the economy, according to a report prepared by the Congressional Budget Office.
In its annual examination of the president's budget, the CBO -- a nonpartisan agency that provides fiscal analysis for lawmakers -- maintained that Bush's proposals could either increase or reduce economic output through 2009, and improve it in the following five years. "However, the differences are likely to be small, affecting output by less than one-half of one percentage point on average," the study said.
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