The U.S. Senate passed a tax and spending bill linked to President Trump, expected to increase the deficit by over $3 trillion in the next decade. The impact on the national debt is a concern, as the Senate version adds significantly more than the House's proposal. Economic strategies reminiscent of Reagan's policies are mentioned, suggesting that tax cuts will stimulate the economy and counterbalance debt growth. Discussion points include the significance of CBO scoring and current fiscal burdens, specifically a trillion-dollar annual cost to service existing debt.
The amount added to the national debt of the Senate version of the bill is substantially higher than what the House had crafted, which is the salient point here.
Nobody wants to add to the national debt, especially with interest rates where they are. We already pay a trillion dollars a year to service that debt.
If you are a student of Reagan economics, you would think back to the 80s; we are going to grow our way out of it by stimulating the economy.
The CBO's current law baseline assumes that the 2017 tax cuts will go away and that this bill will fail, contributing to over $3 trillion new deficit.
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