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Congress to Resume Work on FY 2004 Budget After Return

Monday, April 14, 2003 - 1:45AM

Congress is expected to resume deliberation on a fiscal year 2004 budget bill when it returns from its recess the week of April 28th. Legislation passed last week instructs the House Ways and Means Committee and the Senate Finance Committee to complete work on a tax bill by May 8th. The committees have yet to reconcile the differences between the House’s proposed $550 billion tax cut and the Senate’s suggested tax cut of only $350 billion. It is still uncertain whether President George W. Bush’s proposal to exclude certain corporate dividends from federal taxation will be included in the final tax cut reconciliation legislation. In addition, the final budget plan contains $784.5 billion in total discretionary spending, which is a 2.4 percent increase over the fiscal year 2003-enacted level of $765 billion.

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