Yes, this was a very successful first address by the President. A tax cut is a great thing, but the devil is in the details. He wisely highlighted all of the non-controversial issues and gave a commanding performance. It was interesting to see that he is beginning to soften his views on such issues as the death tax, marriage tax, and Social Security investment accounts. This shows that he is willing to compromise. Or as some call it "waffle". After just doing my taxes, I personally, would love to see the marriage tax end. I am amazed to see that he has capped military spending, with only an adjustment for inflation. With the quality of life and pay raise initiatives he proposed this will actually net out as a reduction in military spending. A very bold move for a Republican and the Chiefs of Staff were noticeably icy at points.
Lastly, I am concerned with such a large tax cut that the budget forecast will not hold. But to be realistic, the budget forecasts on both sides of the aisle always overly rosy...Unless they are analyzing their opponent’s plans.
In the end, Bush has proposed a budget that is equal to last year’s budget with an adjustment for inflation. The challenge will be to get consensus on where to make the cuts in order to pay for the new initiatives that are proposed.