WASHINGTON — The GOP-controlled Senate Tuesday dealt President Bush and business a setback by cutting more than half the proposed $726 billion tax cut he argues is needed to pull the economy out of its torpor.

The 51-48 vote to keep tax cuts at $350 billion over 10 years reflected an increased concern in the chamber about the cost of the war in Iraq. Just a week ago, the body voted 62-38 to reject a similar attempt to reduce the size of the tax cuts.

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