Members of Congress are saying that they expect to pass a major tax cut by the Fourth of July. Tax cuts also stimulate the economy. Until the exact nature of the tax cuts of 2001 becomes clear, it is impossible to know how much heat they will add to the Fed's blowtorch. Interest rate cuts stimulate economic activity by making it cheaper to borrow money. That in turn creates jobs and paychecks, adding demand, but slowly.
Tax cuts can work differently.
If structured properly, they add money to paychecks immediately, and thus stimulate demand right away. This can be done in two ways. Republicans generally favor cutting tax brackets, which would lower withholding. Democrats increasingly are talking about giving workers a credit for their Social Security taxes, at least temporarily. That, too, would jack up paychecks immediately.