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Taxing and spending: Bush budget

    (CNN) The Senate Finance Committee approved a $1.35 trillion tax cut bill Tuesday, May 15, with moderate Democrats joining Republicans to fend off changes to the plan. The committee voted 14-6 to send the bill to the full Senate, which could consider it later this week.

    Committee members left intact the key components of the bipartisan compromise language, which was struck last week by top Republican Charles Grassley of Iowa and Democrat Max Baucus of Montana. Grassley said the committee vote made him "a lot more confident" about what he had called his "fragile" bipartisan bill. But Louisiana Democrat John Breaux, who voted for the package, warned this was "just the beginning" of the process.

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