Budget Watchdog Group Says GOP Tax Plan Adds $2.2T To National Debt
WASHINGTON (AP) – A budget watchdog group in Washington says the new GOP tax plan could cost $2.2 trillion over the next 10 years.
The Committee for a Responsible Federal Budget admits its estimate is very preliminary since so many details are unclear, but its take is that the plan contains about $5.8 trillion in tax cuts but only $3.6 trillion worth of offsetting tax increases. That $2.2 trillion would be added to the nation’s $20 trillion debt.
That’s more than the $1.5 trillion debt cost that has emerged in a deal among Senate Republicans.
Republicans controlling Congress initially promised that the overhaul of the tax code wouldn’t add to the debt. The group also notes that the $2.2 trillion cost could grow by another $500 billion when interest costs are added in.