The president's tax reform panel was established in January to examine the U.S. tax code and make reform recommendations to the treasury secretary that would make the system simpler, more fair, and more growth-oriented. The panel has held nine public meetings around the country, has heard testimony from over 90 witnesses, and has received more than 4,300 written comments.

This delay essentially eliminates any chance President Bush had to institute comprehensive tax reform this year. It will then fall on the president to convince Congress to undertake his tax reform priorities in the heated atmosphere of an election year. With the president unable to convince Americans of the utility of his Social Security overhaul plan, this delay may be an acknowledgement that the president is running low on political capital to spend on his priorities. Having to operate on his two biggest second-term priorities simultaneously might have been too much.