The Fed's announcement came two weeks before the inauguration of President-elect George W. Bush, who was meeting with business executives in Austin, Tex., to build support for his $1.6 trillion tax cut proposal.

In the past he has warned against other tax cut proposals promoted as providing short-term stimulus, saying they might push up the deficit.

But the changing landscape facing Democrats can be traced by looking at the tax cut proposals they have backed over the past year.

Mr. Bush must also gather support from the business community, which helped get him elected and is now screaming that it gets little out of the White House tax cut proposals.

This plan, unlike the tax cut proposals put forth by the Congressional majority, would give working people who earn lower salaries the child tax credit as well.

The Economy Clinton's "new enterprise" tax cut proposal has broad support.

In exchange, Republicans would agree to drop their efforts to attach a permanent capital gains tax cut proposal to the package, and Democrats would agree to allow such a tax cut proposal to be offered on other legislation.

The 10 percent tax cut proposal is a shrewd ploy to convince us that Republicans are indeed in touch with the average American family.

Can we please, please, please give him some tiny credit for actually making an explicit cut proposal unlike any of the other candidates?

But other Republicans were cool to the proposal, in part because they feared being attacked by Democrats as shortchanging the elderly to pay for the tax cut proposals being pushed by the Republican leadership.