$1.7 trillion
Another day, another analysis saying the GOP tax scam with add trillions to the national debt. This morning, the nonpartisan Congressional Budget Office found the bill would not only do tax cuts not pay for themselves, they clearly balloon the national debt, raising the U.S.’ debt-to-GDP ratio to nearly 100% in 2027, meaning what we will collectively owe will equal economic activity in the country in that year. All for a bill to cut taxes on the wealthiest Americans while raising taxes on millions of middle class families? Seems like a bad deal for the American people. Highlights from The Hill:
“The GOP’s tax bill would add $1.7 trillion to the national debt over the course of a decade, and increase the country’s debt-to-GDP ratio by 5.9 percentage points, according to the Congressional Budget Office.”
“The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution. Still, the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.”
“CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of gross domestic product by 2027, 5.9 points higher than the current projection of 91.2 percent.”
“The deficit effects have been a major issue for Senate Republicans, in particular.”
“The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution. Still, the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.”
“CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of gross domestic product by 2027, 5.9 points higher than the current projection of 91.2 percent.”
“The deficit effects have been a major issue for Senate Republicans, in particular.”