Trump’s Tax Plan Will Add $1.7 Trillion To US Deficit

US debt would rise to 97.1% of gross domestic product by 2027 up from 91.2% under current CBO projections

The Republican tax bill being debated in the U.S. House of Representatives would add $1.7 trillion to the federal budget deficit over 10 years, when recent changes put forth by the head of its tax-writing panel and estimated debt service costs are included, the nonpartisan Congressional Budget Office said.

“By CBO’s estimate, additional debt service would boost the 10-year increase in deficits to $1.7 trillion,” the office said in a letter on Wednesday to Representative Richard Neal, the top Democrat on the tax-writing House Ways and Means Committee.

Banner/thumbnail credit: Reuters, Carlos Barria

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