Bush team claims tax plan support By Gerard Baker in Philadelphia (Financial Times) Published: August 1 2000 20:50GMT | Last Updated: August 1 2000 23:58GMT http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3XNQP0EBC&liv e=true&tagid=IXL5PIPSW8C Alan Greenspan, the Federal Reserve chairman, will support plans by George W. Bush for a substantial tax cut if the Republican presidential candidate is elected, according to Mr Bush's top economic adviser. Lawrence Lindsey, widely tipped for a senior job in a Bush administration, played down recent indications from Mr Greenspan that he would prefer to see the large fiscal surpluses projected over the next 10 years used to pay down public debt rather than for hefty tax cuts. "I have read every word Greenspan has said. I talk to him on a regular basis. I am very confident that he is comfortable with what we are proposing. I would not recommend it if I did not think that was the case," said Mr Lindsey, a former Fed governor, in an interview on the fringes of the Republican National Convention. Mr Lindsey said that - even after the $1,300bn tax cut over 10 years proposed by Mr Bush - there would still be funds available each year to pay down the national debt. "The unified budget surplus increases every year even with the tax cut." Mr Lindsey's remarks seem designed to neutralise concerns that the Fed chairman is not enthusiastic about the Texas governor's plans. Mr Greenspan has often said the first priority of fiscal policy in an era of surpluses should be debt repayment. On Tuesday a central bank spokesman said: "The chairman has indicated in testimony to Congress in recent years that his first preference is for high or rising surpluses. "The chairman also has said if growing surpluses become politically infeasible to defend, he would prefer that they be allocated to tax cuts rather than to spending initiatives." The latest estimates from the Congressional Budget Office suggest the total fiscal surplus over the next decade will reach more than $4,600bn. Al Gore, the Democratic nominee for president, proposes using more of the surplus for debt reduction. Mr Greenspan has also urged caution in cutting taxes at a time when the economy is expanding at substantially above trend rates of growth. But Mr Lindsey said concerns that the Bush tax cut would fuel an already overheating economy were misplaced. "I agree that the economy does not need a tax cut now, but we are proposing a tax cut to begin in January 2002, which will be around a third of one per cent of GDP," he said. Mr Lindsey also criticised the Clinton administration's antitrust case against Microsoft. Though he emphasised he was not speaking for Mr Bush on the issue, he signalled clearly his doubts about the wisdom of the government's case and the judgment that the company be split into two. "I am quite sceptical of the very broad extension of antitrust policy under this administration," he said. "It is the first major antitrust case in history where the quote 'trust' is not trust. There was no prior combination of firms to increase market share. It is a de novo enterprise that established its dominant market position in a market niche it created." Mr Lindsey also said that European governments' behaviour in a number of trade disputes with the US, especially over "open skies" aviation negotiations, was unacceptable. "Since Europe is in many ways acting outrageously, it may be necessary for us to behave outrageously so we can negotiate away our outrageous behaviours." ================================================================= Kadosh, Kadosh, Kadosh, YHVH, TZEVAOT FROM THE DESK OF: <[EMAIL PROTECTED]> *Mike Spitzer* <[EMAIL PROTECTED]> ~~~~~~~~ <[EMAIL PROTECTED]> The Best Way To Destroy Enemies Is To Change Them To Friends Shalom, A Salaam Aleikum, and to all, A Good Day. ================================================================= <A HREF="http://www.ctrl.org/">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance—not soap-boxing—please! These are sordid matters and 'conspiracy theory'—with its many half-truths, mis- directions and outright frauds—is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. 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