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Cheney Says Tax Cuts Helping Economy

Cheney Says Tax Cuts Helping Economy
DENVER (Reuters) - Vice President Dick Cheney said on Wednesday the economy was rebounding, helped by recent tax cuts that should be left in place.

"It's still early, but there's no doubt the American economy is on the way back," Cheney told a fundraiser for Republican Senator Wayne Allard of Colorado who is seeking a second term this November.

The U.S. economy has overcome what Cheney called the "short term effects" of the downturn last year after the September 11 attacks on the United States.

"Consumer confidence now is rebounding, industrial production is rising. Economic growth estimates have been revised upwards from previous ones in the last several months. These are all clear signs of a recovery," Cheney said.

Any efforts to reverse or slow down tax cuts enacted early in President Bush's term would be strongly opposed by the administration, he said.

"I can tell you right now that's not going to happen on our watch," Cheney said.

Bush had proposed a new round of tax cuts targeting small businesses in March, drawing battle lines with Democrats in the run-up to the November elections for control of Congress.

Bush's 10-year, $117 billion-plus tax cut package will require congressional approval, which is unlikely anytime soon. Democrats, who control the Senate, said it would deepen federal budget deficits and undermine the Social Security system as the baby boom generation approaches retirement.



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