PORTLAND (AP) – U.S. Sen. Olympia Snowe says she is prepared to accept bigger tax cuts if they can be offset by closing tax loopholes or finding savings in the federal budget.

Snowe, R-Maine, has vowed to block any tax reduction totaling more than $350 billion, while President Bush is seeking a scaled-back cut of $550 billion.

Meeting Thursday with the editorial board of the Portland Press Herald and Maine Sunday Telegram, Snowe said the Senate will not support a deeper cut than $350 billion and noted that nearly half the Senate opposes any tax cuts at all.

Snowe, a member of the Senate Finance Committee, said the $350 billion is significant and would provide quick stimulus to the economy.

“The key is getting the money out now,” she said. “It will get money in people’s hands so they can make capital investments.”

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