According to independent budget analysts, the White House and Congress are proposing as much as $180 billion in tax cuts and increased spending to repair the economic damage caused by last week's terrorist attacks, a move which would effectively wipe out the entire budget surplus.
Details of the rescue plan are still being formulated, but it was reported that Federal Reserve Chairman, Alan Greenspan, poured cold water on the Congress's most ambitious proposals Wednesday, prompting some back-pedalling, and the promise of more talks.
Democrats fear that some of the proposed measures, such as capital gains tax cuts, have very little bearing on rebooting the economy in the aftermath of the terrorist attacks, and have called for a rebate on Social Security payroll taxes, arguing that this would benefit ordinary American citizens, thus stimulating the economy.
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