The CBO and Joint Committee on Taxation's report reveals that a proposed tax bill, aimed at substantial tax cuts, may increase federal debt by $441 billion due to rising interest rates. This comes at a pivotal time as the Trump administration promotes the bill. The report employs dynamic scoring to analyze economic impacts, contrasting with earlier static scoring that projected a $2.4 trillion deficit increase over a decade. Democrats argue this data contradicts Republican claims of self-funding tax cuts, highlighting concerns about negative economic effects, including increased uninsured rates.
"We're excited to get this bill out," said Senate Majority Leader John Thune afterward.
"The Republican claim that this bill does not add to the debt or deficit is laughable, and the proof is in the numbers," said Sen. Jeff Merkley.
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