GOP tax cuts add $6 trillion to debt and hurt growth without spending cuts, CBO finds

Published



The Congressional Budget Office said on Thursday that making the 2017 tax cuts permanent and adding other tax breaks sought by President Donald Trump would add $6 trillion to the deficit over the next decade, giving ammunition to Democrats who argued that the GOP tax agenda would harm the economy.

The office, which is Congress’s nonpartisan in-house budget scorekeeper, also projected that the added debt would raise interest rates and thus slow growth in the long term, a contrast to a recent analysis from the White House Council of Economic Advisers that extending the tax cuts would send growth and wages soaring.

Full midterm coverage.Deeper analysis.

Get unlimited access to Washington Examiner's reporting, expert analysis, and coverage of the midterm elections.

Get Unlimited Access

Cancel anytime.