Looks like the administration is pushing for yet another trillion dollar reduction in revenue...

From Congressional Quarterly

The nearly $1.3 trillion in tax cuts proposed in President Bush's fiscal 2005 budget will set the stage for a partisan battle over whether GOP tax cuts enacted in the past three years should be extended or partially repealed to pay for other priorities. The package includes $53 billion in revenue-raising measures that partially offset its $1.3 trillion in tax cuts. The budget includes a $990 billion proposal to extend tax cuts contained in the 2001 tax law and the 2003 tax law. That plan includes a $106 billion proposal to extend through 2008 three popular tax cuts set to expire at the end this year: the $1,000 child tax credit, the 10 percent tax bracket covering $7,000 of income for individuals and $14,000 for married couples, and marriage penalty relief. The administration's budget also contains a proposal costing $883 billion over 10 years that would permanently extend other tax breaks contained in the two tax laws, such as the 15 percent maximum tax rate for dividends and capital gains and expanded expensing allowances for small businesses.