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The rate reductions would not be fully effective until 2007.
"The rate reductions are trivial and totally inadequate," Mr. Blumenthal said referring to the state's conditions.
The rate reductions have clearly helped to keep the economy afloat.
The rate reductions would lower taxes for virtually all taxpayers, but the biggest benefits would flow to the rich.
And he would like to see the rate reductions fully effective before 2007, as the bill provides.
"The Fed has to accelerate the rate reductions to keep the economy on an even keel," he said.
Similar(23)
The House version, phasing in the rate reduction more slowly, would be worth just $2,328.
Instead, investors, upset by a pessimistic economic assessment accompanying the rate reduction, sold stocks across the market yesterday.
Along with the rate reduction, the central bank said it would establish a standby lending facility for commercial banks at the new discount rate.
In the aggregate, the rate reduction will offset 100 percent of the tax rise.
On the merits, three federal appellate panels agreed and halted the rate reduction.
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