Administration supports House passage of H.R. 3 as a very positive
first step on the way to passage of the President's tax relief plan.
By reducing marginal tax rates, this bill would reduce the penalty
on work, savings, and investment, begin the process of providing much
needed immediate tax relief to the American people, and lay a foundation
for further long-term economic growth.
Administration looks forward to working with Congress through the
legislative process to achieve a result that best embodies the objectives
of the President's plan.
law that would reduce receipts is subject to the pay-as-you-go requirements
of the Balanced Budget and Emergency Deficit Control Act. Accordingly,
H.R. 3 or any substitute amendment in lieu thereof, that would also
reduce revenues, will be subject to the pay-as-you-go requirement.
The Administration will work with Congress to ensure that any unintended
sequester of spending does not occur under current law or the enactment
of any other proposals that meet the President's objectives to reduce
the debt, fund priority initiatives, and grant tax relief to all
income tax paying Americans.