Clinton's Thursday Tax Cut

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WASHINGTON, D.C.: Even as the Senate was voting down a balanced budget amendment, President Clinton was offering another election-year tax cut. At a HUD-organized conference Thursday, Clinton announced a $200 rebate on closing costs for first time home purchases made with government-backed loans. The White House said that the reduction will help about 100,000 home buyers a year. The announcement comes just two days after Clinton proposed a $1,500 tax credit for students to complete two years of college or vocational school. "It has been American Dream week: college education and home ownership," said White House spokesman Mike McCurry. As the Senate prepared to vote, Dole responded that the $200 credit was "chump change compared to how much (Clinton) has raised costs on all homebuyers this year by refusing to sign a balanced budget." The problem for Dole is that the politician who can give the best gifts in election year nearly always seems wiser than the one who warns of the cost. -->