GOP Tax-Cut Dream Near Death

Republicans may now be backing off their big tax cut plan. A couple of weeks ago, GOP leaders were talking about an across-the-board 10 percent tax cut, but that now appears to be dead.

CBS News Chief Washington Correspondent Bob Schieffer reports that the reason is a new reality. The Republicans have a very, very small majority in the House of Representatives, just six votes.

So a week ago, when about 15 moderate Republicans decided they didn't want a tax cut that large, it was all over but the shouting. It meant the Republicans simply no longer had the votes to pass an across the-board tax cut.

A much smaller reduction is likely to emerge - something like repealing the marriage penalty in the tax code or a targeted tax cut to help families. That seems to be what the moderate Republicans want. And for now, anyway, the moderate Republicans are the swing votes calling the shots.

©1999 CBS Worldwide Corp. All rights reserved