Paulson supports Bush's budget proposal

U.S. Treasury Secretary Henry Paulson offered his support to President George W. Bush's budget proposal, noting that tax cuts are necessary to maintain the nation's steady economic growth rate of 3%. "The President has submitted a budget that reflects our strong economy and our nation's priorities: continued job creation and wage growth ... improved energy security, and a strong fiscal position from which we can address long-term challenges such as strengthening Social Security and Medicare for future generations," Paulson said in prepared testimony submitted to the House Ways and Means Committee.

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