Home / Politics / Senate tax bill would add $1 trillion to the deficit, JCT report says

Senate tax bill would add $1 trillion to the deficit, JCT report says


Protesters demonstrate near the full Senate budget committee markup of the tax reform legislation on Capital Hill November 28, 2017 in Washington, DC.

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Protesters demonstrate near the full Senate budget committee markup of the tax reform legislation on Capital Hill November 28, 2017 in Washington, DC.

Sen. Ron Wyden, D-Ore., the ranking member on the Senate Finance Committee, quickly seized on the JCT score Thursday.

“The growth fantasy is over,” he said on the Senate floor.

Sen. John Thune, R-S.D., the third-ranking Senate Republican, said the analysis showed “good news” in that it projected higher growth from tax cuts. He contended that growth estimates should be higher than the JCT projected.

Sen. Chuck Grassley, R-Iowa, also told CNBC that he believes the committee’s growth projections are conservative.

Julia Lawless, a spokeswoman for the GOP-majority Senate Finance Committee, said in a statement that the analysis does not capture the changes senators were making to the plan Thursday. She added that “the findings of the JCT are curious and deserve further scrutiny.”

Treasury Secretary Steven Mnuchin has repeatedly promised an analysis showing that the tax cuts will pay for themselves, according to The New York Times. Such a report has not surfaced yet.

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