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GOP Beats Drum For Tax Cut

Note to dumbfounded tourists: Members of Congress don't usually march around the Capitol with a fife and drum corps.

But House Republicans did so Thursday in an effort to drum up support for a huge tax cut, now that government surpluses are growing, CBS News Chief Washington Correspondent Bob Schieffer reports.

Already in a July 4th mood, surrounded by what they called "real people," and buoyed by new surplus estimates, House Republican leaders kicked of their latest plan for a huge new tax cut - maybe a trillion dollars over the next decade.

No details, of course, were forthcoming, but the GOP hopes to eliminate the so-called marriage penalty that many couples pay when they wed, and to reduce estate and capitol gains taxes and more.

Even moderate Republicans who favor a smaller tax cut say that's unrealistic - that such a cut would gut critical programs.

Democrats dismissed it as showboating.

"We do need a tax cut, but it can be far less expensive than this one," said House Minority Leader Richard Gephardt, D-Mo.

And that's more likely. With an election coming, expect Congress to unify behind some kind of tax relief this fall, but not on the scale House Republicans were trumpeting Thursday.

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