Although Congress included much of what the mutual fund industry sought in a major tax cut bill - the Financial Freedom Act of 1999 - that legislation is likely to be vetoed by President Clinton next month.

Clinton has said he will veto the $792 billion, ten-year tax cut bill because he would like to use the budget surplus to reduce the national debt and bail out Medicare and the Social Security system. He and other Democrats have also said the bill favors the wealthy.

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