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Consumers Fret About War, Jobs
NEW YORK (Reuters) - The latest snapshot of U.S. consumers showed confidence was near decade lows
even before the grim realities of war in Iraq invaded TV screens, and pervasive worries about jobs
could stifle any relief rally once it's over. Being glued to the news also took a toll on chain
store sales last week in what economists have come to call the "CNN effect," although the
long-awaited advent of spring-like weather dragged some from their couches. Another report out on
Tuesday showed the red hot housing market was chilled by the harsh winter weather of February.
But once again economic news took a back seat to the drama unfolding in Iraq as financial markets
were roiled by reports of a popular uprising in the Iraqi city of Basra. Equities headed higher
after Monday's rout with the Dow Jones industrials average rising 65.5 points or 0.8 percent to
8,280.23. The S&P 500 gained 10.51 points to 874.74. Oil and gold prices eased on the Basra reports,
but Treasuries rallied late in the day when the Senate surprised markets by voting to cut President
Bush's proposed $726 billion tax cutting plan to just $350 billion. Bond traders have been worried
that chopping taxes will inflate an already ballooning budget deficit and lead to ever greater
government borrowing. The White House touted the tax cuts as the key part of its economic recovery
plans but analysts have always doubted it would provide much real stimulus, at least in the short
run. The Conference Board's U.S. consumer confidence index fell to 62.5 in March from 64.8 in
February, although such gloomy results have lost much of their impact on markets since consumers
have kept spending even while complaining endlessly. Still, analysts did note that the Conference
Board's measure of "jobs hard to get" deteriorated yet again, stoking worries that this month's
payrolls report will show little if any recovery from February's huge 308,000 fall.
US Senate slash more money from Bush's tax package
WASHINGTON, March 25 (Xinhuanet) -- The US Senate voted Tuesday to slash more than half of the
726-billion-dollar tax package proposed by President George W. Bush. A week after refusing to do
so, the US Senate unexpectedly voted 51-48 to reduce the tax reduction's price tag to 350
billion dollars through 2013. Analysts said that the vote dealt a blow to the keystone of
President Bush's economic recovery plan. President Bush has said his plan, which would eliminate
taxes on corporate dividends and reduce income taxes, is needed to create jobs, boost investment and
spur the slumbering economy. The vote was a major victory for Democrats in the US Congress. Joined
by some moderate Republicans, they have been arguing that atax cut of the magnitude Bush wants makes
no sense at a time when US federal deficits are expected to surge to a record high and when US
troops are engaged in a war with Iraq. It came on the same day that President Bush formally sent
the US Congress his request for 74.7 billion dollars to pay the initial costs of the war and for
other expenses in the war on terrorism. The setback for the US president came a day before the US
Senate planned to vote final passage on a budget blueprint for fiscal year of 2004 which totals 2.2
trillion dollars.
Signs of Federal Help Boost U.S. Airlines
WASHINGTON/CHICAGO (Reuters) - The leader of the U.S. Senate predicted on Tuesday Congress would
grant aid to ailing U.S. airlines, sparking a rally in stocks of the carriers weighed down by an
Iraq war travel slump. Remarks by new Senate Majority Leader Bill Frist were the first concrete
indication that aid might emerge from Washington as airlines' unprecedented financial distress is
worsened by the Middle East conflict. How much and when is not known. "I think it is likely that
either in the supplemental or some other form, relief will be given to the aviation industry,"
Frist, a Tennessee Republican. President Bush on Tuesday formally asked Congress for $75 billion for
the war effort, but airline aid was not included in that request. Shares of major U.S. carriers
surged on Frist's comments. The American Stock Exchange's airline index .XAL rose 3 percent, while
the Dow Jones industrial average .DJI rose 0.8 percent. Senate Commerce Committee Chairman John
McCain said a meeting would be held in the coming days between Bush administration officials and
key senators to discuss whether airline aid belonged in the funding package for the war.
McCain said it was a tough decision as other industries were also hurting. "We're proceeding on the
assumption that the burden of proof needs to be provided by the airlines" on the need for relief,
the Arizona Republican told reporters. Airline industry experts cautioned about getting too excited
over the impending aid. "There's an indication (of aid), but there's a long way to go," said one
aircraft financing expert. "There's a lot of things in play here."
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