10% Tax Bracket OK'd by House

"We have a broad array of things that are scheduled to phase out and disappear between now and 2011," Stretch said. "These are this year's issues, and then over time, they still have to deal with the rate structure and the inheritance tax."

He said the child tax credit was increased to $1,000 for 2003 and 2004, but is slated to go back to $700 next year. If extended, it would shave $60 billion in tax revenue through 2010.

He said the failure of a Democratic-sponsored alternative to the 10% bracket extension showed the limits of their influence under a presidential administration that seems to be unconcerned with increasing the deficit, which is now at $281.8 billion.

"There are people who believe that every tax cut helps the deficit by stimulating the economy, but if you don't worship at that church, cutting taxes is not a way to move in the direction of a balanced budget."

He also said any Senate votes would be unlikely until the end of the summer's major political party conventions.

"I don't believe it would be possible to have a constructive debate on this before they are over," he said. "There's just too much political hay to be made."