STEPHEN FRAZIER, CNN ANCHOR: Now to President Bush's biggest legislative victory yet. Both the House and Senate today approving that 10-year tax-cut package, totaling more than $1.3 trillion. The cut includes immediate tax rebates of $300 for individuals, $500 for single parents, $600 for married couples. It also reduces the lowest income tax bracket from 15 to 10 percent for the first $6,000 of an individual's income. All other brackets are reduced, including the top bracket, which falls from 39.6 to 35 percent, although that reduction won't be fully phased in until 2006. President Bush is praising what amounts to the biggest tax-cut in 20 years.</s>GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: No more wondering whether your targeted in or whether you meet all the fine print requirements to qualify for one special tax break or another. This tax relief straightforward and fair. If you pay income taxes, you get relief.</s>FRAZIER: And joining us with more details from the White House now is CNN's Kelly Wallace. It's been a long day for you, Kelly, as you followed all of this. What is the Bush message for this?</s>KELLY WALLACE, CNN WHITE HOUSE CORRESPONDENT: Well, it was an interesting message we heard from the president today, Stephen, because as you know, this major legislative achievement coming after this administration suffered a definite setback, with Senator James Jeffords of Vermont deciding to leave the Republican Party, leading the Democrats to take over control of the United States Senate. And so, that is why we heard the president congratulating Republicans and Democrats for passing this tax cut bill. The president saying that he and his aides listened and reached out to Republicans as well as Democrats. The president saying this should serve as a model for the future, i.e., after the Democrats take control of the Senate. The president saying this should be example of how the two sides can work together -- Stephen.</s>FRAZIER: At the White House, Kelly Wallace. Kelly, thank you for those details.
White House Lauds Passage of Tax Cut Legislation