If Bush cuts the overtime pay of people, economically we just
assume that it is also a cut in wage rate, even though it is just
overtime.
Now back to economic theory of demand and supply. If you cut the
wage rate ceteris paribus, your supply of workers (domestic) will
drop because fewer people want to supply work hours at lower wage.
However, because cost of production has fallen due to overtime-pay
cut, Employers demand for workers will increase; since they can
hire more workers using $ which was originally overtime pay for
their previous workers.
Thus we come to a situation where employers can hire more people at
cheaper price, thereby maximising their profits. G.Bush will then
tax the profits so that he can pay for his troops to invade Iraq.
Note; I have skipped some pointers. Hope it helps, well at least
that is my theory.