RETHUGLICANS CROW OVER TAX CUTS VICTORY

Believe it or not, it's being dubbed the "Tax Increase Prevention Act."

On a vote of 54 to 44, the Senate approved the sixth tax cut in the past six years, handing the White House a much needed victory and the embattled Republican Party an achievement that members believe they can use to pull themselves out of a political hole.

How exactly do Rethugs think this will pull them "out of a political hole"? Just how many millionaires ARE there in the U.S.? In 1999, it was only 205,000. That's not a lot of votes in a nation of 280 million.

But with interest rates rising, the dollar falling and the budget deficit stuck at around $300 billion, tax experts warn that the tax code Bush has transformed may not survive to its Dec. 31, 2010, expiration date and that Congress may have to step in again because tax revenue will not meet all of the government's needs. "We have a train wreck waiting to happen," said C. Clint Stretch, director of tax policy at the accounting giant Deloitte & Touche.

Tags: Bush tax cuts