Newly appointed Treasury Secretary John Snow outlined the President’s $2.24 trillion FY2004 budget before the House Ways and Means Committee on February 4, and before the Senate Finance Committee on February 5. He told both committees that the proposed budget and stimulus plan would create thousands of jobs, leading a path to economic growth and a balanced budget. He explained that, under the President’s budget, “a typical family of four with two earners making a combined $39,000 will receive a total of $1,100 in tax relief.”
Office of Management and Budget (OMB) Director Mitch Daniels detailed the President’s budget before the House Budget Committee on February 4 and the House Ways and Means Committee on February 5. Democrats on both committees expressed concern that proposed tax cuts in the budget would result in a deficit in FY2004 estimated by OMB at $307 billion. Mr. Daniels defended the deficit, calling it “moderate and manageable by any historical measure.” He explained that the President’s top and immediate priorities are the war against terrorism, homeland security, and spurring the economy.
