CBO Score on Tax Cut Bill: $1.7 Trillion Increase in Debt

CBO Score on Tax Cut Bill: $1.7 Trillion Increase in Debt November 10, 2017

The Congressional Budget Office has released its scoring of the tax cut bill working its way through Congress and, to no one’s surprise, it concludes that the bill would add $1.7 trillion to the debt over the next ten years. This from the “party of fiscal responsibility.”

Budget550

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 relied on the Joint Committee of Taxation’s finding 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.

What’s incredible is that so many people fall for this scam. The pattern is so clear. When a Democrat is in the White House, the Republicans scream about the deficit and the debt (which is simply the accumulated deficits over time) and declare themselves the party of fiscal responsibility. When a Republican is in the White House, they spend like drunken sailors and cut taxes, revenue collapses and the deficit skyrockets. Or they start trillion-dollar wars without paying for them, always based on lies.

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