NEW: In the wake of the Trump tax cut and recent spending hike, CBO says the 10-year deficit will be $1.6 trillion larger than projected in June.
cbo.gov/system/files/1…
cbo.gov/system/files/1…
It's hard to overstate what a dizzying turnaround this is from the "debt crisis" rhetoric that dominated Washington from 2009-2016, led by Republicans and accepted for some years by Democrats.
President Trump and Republican leaders argued the tax cut will pay for itself.
A new CBO report says it'll lower 10-year revenues by $1 trillion.
cbo.gov/system/files/1…
A new CBO report says it'll lower 10-year revenues by $1 trillion.
cbo.gov/system/files/1…
Says @SenSchumer: "The CBO's latest report exposes the scam behind the rosy rhetoric from Republicans that their tax bill would pay for itself."
CBO says the tax law will raise the supply of labor/capital, boost output, increase after-tax incomes, create excess demand in the next few years, and add $1 trillion to the 10-year deficit.
Interesting—@BernieSanders calls for REPEAL:
"We have got to repeal all of President Trump’s tax breaks for the wealthy and big corporations and rebuild the disappearing middle class."
"We have got to repeal all of President Trump’s tax breaks for the wealthy and big corporations and rebuild the disappearing middle class."
