President Bush has signed into law a $1.35-trillion tax bill that will phase out the inheritance tax by 2010. The House and Senate approved the measure May 26.

At a White House signing ceremony on June 7, Bush noted how quickly Congress worked to pass the legislation that he championed during his campaign. "A year ago, tax relief was said to be a political impossibility. Six months ago, it was supposed to be a political liability. Today, it becomes a reality," he said.