“We were hoping for a big and bold tax cut from President Bush and, by George, we got one. Yesterday Mr. Bush drew a bead on the twin shibboleths of bad tax policy–the fear of budget deficits and of benefiting middle- and upper-income workers–and pulled the trigger.”

[…]

“The President deserves credit for ignoring all of the Beltway trimmers and risking the political capital he won in November in pursuit of a large policy ambition. His proposal is one worth fighting for.”

[…]

“Mr. Bush’s proposal would reduce tax revenue over the next decade, though far less if the growth effects are figured in. And the possibility has already brought out the flock of self-styled ‘deficit hawks.’ Pay no attention. Currently the budget deficit is 1.5% of GDP and projections for the next year or so are around 2%. These figures amount to a whole lot of nothing both in historical terms and when compared with the potential growth of the economy.”

[…]

“The notion put forward by the deficit hawks that this will send interest rates to the sky and the economy six feet under is deeply silly. Deficits are the result of weak or negative economic growth, not the other way around. The best way to close a deficit is through strong economic growth.”

[…]

“Mr. Bush is offering, on balance, an excellent program to prevent the economy from weakening amid the short-term uncertainties of war and expensive oil. And by wringing out some of the tax barriers to economic efficiency, he is also creating the conditions for better long-term growth. A bull’s-eye, for sure.”

—The Wall Street Journal