GOP Tax Plan Would Balloon Federal Deficit by $3.3 Trillion Over Next Decade
The Congressional Budget Office warns the Senate Republican tax bill would add $3.3 trillion to the national debt over the next decade and leave 11.8 million Americans uninsured by 2034.
The bill extends $3.8 trillion in Trump-era tax cuts, paying for them through cuts to Medicaid and food aid programs. However, Republicans are split on how deep these cuts should go.
Republicans dispute the CBO’s numbers, using alternative calculations that show the bill reducing deficits by $500 billion instead. Democrats call this “magic math.” The bill narrowly advanced 51-49 after lengthy negotiations, suggesting a tough road ahead.
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