GOP: More Big Tax Breaks for Wealthy

From tomorrow's Washington Post, a story that shows you that - yet again, during a time of deep deficit - the GOP is falling all over itself to give more and larger tax cuts to those who need it the least.

House and Senate Republican negotiators reached a final agreement yesterday on a five-year, nearly $70 billion tax package that would extend President Bush's deep cuts to tax rates on dividends and capital gains, while sparing about 15 million middle-income Americans from the alternative minimum tax.

Republican leaders hope to pass the agreement swiftly. House consideration is scheduled for tonight, with the Senate likely to send the measure to the White House for the president's signature by the end of the week. But the package remains controversial, with GOP leaders saying it is essential to sustain a strong economic recovery and Democrats and a few Republicans saying the cuts would mainly benefit the wealthy and add to the long-term deficit.

"Keeping taxes low helps Americans find and keep work, supports families and communities with good job bases, and makes America a great place to do business for companies both here at home and those overseas looking for a place to invest," Senate Majority Leader Bill Frist (R-Tenn.) said in a statement.

But with the budget deficit still expected to exceed $300 billion this year, despite a strong economy, opponents say the government cannot afford to add $70 billion more over the next five years.