What they said.
Deficit hawks—we’ve got news for you and you’re not going to like it. Both the Peter G. Peterson Foundation and the Center for a Responsible Federal Budget had some harsh criticism of the GOP Tax Scam:
Statement from the Peter G. Peterson Foundation:
And a statement from the Committee for a Responsible Federal Budget:
Statement from the Peter G. Peterson Foundation:
“This report confirms that tax cuts don’t pay for themselves. The JCT dynamic score makes clear that even when economic feedback is added in, the tax bill doesn’t come close to being deficit neutral. In fact, it still adds $1 trillion, plus interest, to the national debt. That’s on top of the $10 trillion we’re already on track to borrow over the next decade.
“Wishful thinking about economic growth is a form of fiscal irresponsibility. Responsible and effective tax reform is rooted in realistic projections and assumptions, is free of fiscal gimmicks, and provides permanence and certainty. Lawmakers should take advantage of the many ways that exist to pay for the cost of this bill."
“Wishful thinking about economic growth is a form of fiscal irresponsibility. Responsible and effective tax reform is rooted in realistic projections and assumptions, is free of fiscal gimmicks, and provides permanence and certainty. Lawmakers should take advantage of the many ways that exist to pay for the cost of this bill."
And a statement from the Committee for a Responsible Federal Budget:
“This represents a far cry from claims that tax reform will be fully paid for with economic growth; in fact, no estimate so far has reached such a conclusion. All estimates we're aware of regarding the current Senate bill show it will cost $1 trillion or more even after incorporating economic growth effects.”