Bush asks for extension of tax cuts beyond 2010

The Associated Press

WASHINGTON -- President Bush reminded Americans ahead of Monday's tax deadline that they were saving money through his 10-year tax-cut plan and he urged Congress to make the reductions permanent.

The president planned to travel to Cedar Rapids, Iowa, on Monday to promote the tax cuts as the Republican-led House prepared to take up a bill that would keep them in place beyond 2010.

"I urge Congress to pass this vital measure," Bush said Saturday in his weekly radio address.

But that probably will not happen this year because of opposition from Senate Democratic leaders who say the cuts have darkened the nation's long-term budget picture.

The Democrats blame Bush's $1.3 trillion in tax cuts for contributing to the resurgence of deficits and siphoning money from domestic programs such as education and Medicare.

On the radio, Bush said the tax cuts were "a crucial part of my administration's overall economic growth agenda, to create more high-paying jobs."

He said the cuts had brought most taxpayers a share of $57 billion in reductions, and will keep increasing through 2010.

"This year, your tax rates are lower and you will keep more of your hard-earned money to spend or save," Bush said. "And perhaps the best news of all is that even more relief is on the way for many years to come."

The president noted that the child tax credit was increased to $600 for the returns being filed this year and that taxpayers can save more of their money tax-free through education saving accounts, individual retirement accounts or company 401(k) plans.