President Bush's plan to extend his tax cuts over the next five years ran into resistance in the Senate on Wednesday as Republican leaders offered a budget for 2006 that would undo more than a fourth of the cuts that Mr. Bush has requested.
Uneasy about the potential impact on the ballooning federal deficit, the Senate Republicans called for $70.2 billion in tax cuts over the next five years, as opposed to the estimated $100 billion the White House is seeking.
It does not specify which cuts will be extended or which taxes might be restored, but Senator Judd Gregg, the New Hampshire Republican who is chairman of the Budget Committee, said his intent was to extend reductions on capital gains and dividend taxes, which are set to expire in 2008.
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