Congress Cuts Taxes

President Bush is praising the Senate for passing a tax-cut bill that's half of what he originally proposed.

The Senate OK'd legislation that would cut taxes by $350 billion.

The 51-49 vote that was largely along partly lines.

Bush issued a statement early today saying it's a bipartisan package of jobs and growth that includes all of the components of his original plan.

The bill would speed up already approved cuts in income taxes, and would increase child tax credits, phase out the so-called marriage penalty and temporarily end taxes on stock dividends.

Bush has been pushing for a complete elimination of the dividend tax. But under the Senate plan, it would only be suspended for three years, and then brought back. Opponents say that amounts to tax trickery.

The House has approved a $550 billion tax cut and Bush is urging quick action on a final version.