Quote:The GOP’s tax bill would add $1.7 trillion to the national debt over the course of a decade, and increase the country’s debt-to-GDP ratio by 5.9 percentage points, according to the Congressional Budget Office.
The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution. Still, the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.
The GOP allowed themselves up to $1.5 trillion of deficit increases over a decade in their budget. Despite the additional costs of servicing debt, the CBO score shows the tax plan staying within the bounds, which means Republicans will still be able to pass the bill through budget reconciliation, a procedure that only requires a simple majority to pass in the Senate.
CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of gross domestic product by 2027, 5.9 points higher than the current projection of 91.2 percent.
The deficit effects have been a major issue for Senate Republicans, in particular.
Trump administration officials have argued, variously, that GDP growth would eliminate some to all of the deficits produced by the tax plan.
The CBO score does not include macroeconomic effects that Republicans say will help temper the deficits.
So much for being the fiscal responsibility party...
RE: GOP tax bill would add $1.7 trillion to debt: CBO
Quote:WELSH or WELCH: 1) To swindle a person by not paying a debt or wager. <The rat welshed on a daily-double payoff>“ 2) To avoid dishonorably the fulfillment of a promise or obligation.<“They welshed on their contract and left us in a fine mess.”>
(This post was last modified: 11-08-2017 01:03 PM by usmbacker.)
RE: GOP tax bill would add $1.7 trillion to debt: CBO
CBO never considers growth in their projections. That said, CBO also never considers recessions. They are also horrible at their jobs. They completely blew the prediction on Obamacare. Seeing as they always show huge overruns for Repubican bills using silly assumptions (like people who choose not to buy insurance are "losing" insurance) and underestimate the cost of Democrat bills---I dont think they are the unbiased non-partisan body they are represented as being.
Quote:The GOP’s tax bill would add $1.7 trillion to the national debt over the course of a decade, and increase the country’s debt-to-GDP ratio by 5.9 percentage points, according to the Congressional Budget Office.
The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution. Still, the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.
The GOP allowed themselves up to $1.5 trillion of deficit increases over a decade in their budget. Despite the additional costs of servicing debt, the CBO score shows the tax plan staying within the bounds, which means Republicans will still be able to pass the bill through budget reconciliation, a procedure that only requires a simple majority to pass in the Senate.
CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of gross domestic product by 2027, 5.9 points higher than the current projection of 91.2 percent.
The deficit effects have been a major issue for Senate Republicans, in particular.
Trump administration officials have argued, variously, that GDP growth would eliminate some to all of the deficits produced by the tax plan.
The CBO score does not include macroeconomic effects that Republicans say will help temper the deficits.
So much for being the fiscal responsibility party...
The bold part should not be ignored, but yes, I would like to see a much more fiscally responsible tax plan.
RE: GOP tax bill would add $1.7 trillion to debt: CBO
(11-08-2017 12:21 PM)Attackcoog Wrote: CBO never considers growth in their projections. That said, CBO also never considers recessions. They are also horrible at their jobs. They completely blew the prediction on Obamacare. Seeing as they always show huge overruns for Repubican bills using silly assumptions (like people who choose not to buy insurance are "losing" insurance) and underestimate the cost of Democrat bills---I dont think they are the unbiased non-partisan body they are represented as being.
RE: GOP tax bill would add $1.7 trillion to debt: CBO
(11-08-2017 12:40 PM)Redwingtom Wrote:
(11-08-2017 12:21 PM)Attackcoog Wrote: CBO never considers growth in their projections. That said, CBO also never considers recessions. They are also horrible at their jobs. They completely blew the prediction on Obamacare. Seeing as they always show huge overruns for Repubican bills using silly assumptions (like people who choose not to buy insurance are "losing" insurance) and underestimate the cost of Democrat bills---I dont think they are the unbiased non-partisan body they are represented as being.
Quote:The GOP’s tax bill would add $1.7 trillion to the national debt over the course of a decade, and increase the country’s debt-to-GDP ratio by 5.9 percentage points, according to the Congressional Budget Office.
The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution. Still, the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.
The GOP allowed themselves up to $1.5 trillion of deficit increases over a decade in their budget. Despite the additional costs of servicing debt, the CBO score shows the tax plan staying within the bounds, which means Republicans will still be able to pass the bill through budget reconciliation, a procedure that only requires a simple majority to pass in the Senate.
CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of gross domestic product by 2027, 5.9 points higher than the current projection of 91.2 percent.
The deficit effects have been a major issue for Senate Republicans, in particular.
Trump administration officials have argued, variously, that GDP growth would eliminate some to all of the deficits produced by the tax plan.
The CBO score does not include macroeconomic effects that Republicans say will help temper the deficits.
So much for being the fiscal responsibility party...
So what they're saying is that it's time to pay the piper as far as national debt goes.
Too bad we don't have the Dem plan of increasing taxes AND increasing spending even more -- thus giving us more and more debt.
But hey, hopefully they can regain control and pass that single-payer health care thing so that our expenses will increase drastically -- which I guess would mean higher taxes.
RE: GOP tax bill would add $1.7 trillion to debt: CBO
(11-08-2017 12:44 PM)UofMstateU Wrote:
(11-08-2017 12:40 PM)Redwingtom Wrote:
(11-08-2017 12:21 PM)Attackcoog Wrote: CBO never considers growth in their projections. That said, CBO also never considers recessions. They are also horrible at their jobs. They completely blew the prediction on Obamacare. Seeing as they always show huge overruns for Repubican bills using silly assumptions (like people who choose not to buy insurance are "losing" insurance) and underestimate the cost of Democrat bills---I dont think they are the unbiased non-partisan body they are represented as being.
Quote:The GOP’s tax bill would add $1.7 trillion to the national debt over the course of a decade, and increase the country’s debt-to-GDP ratio by 5.9 percentage points, according to the Congressional Budget Office.
The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution. Still, the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.
The GOP allowed themselves up to $1.5 trillion of deficit increases over a decade in their budget. Despite the additional costs of servicing debt, the CBO score shows the tax plan staying within the bounds, which means Republicans will still be able to pass the bill through budget reconciliation, a procedure that only requires a simple majority to pass in the Senate.
CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of gross domestic product by 2027, 5.9 points higher than the current projection of 91.2 percent.
The deficit effects have been a major issue for Senate Republicans, in particular.
Trump administration officials have argued, variously, that GDP growth would eliminate some to all of the deficits produced by the tax plan.
The CBO score does not include macroeconomic effects that Republicans say will help temper the deficits.
So much for being the fiscal responsibility party...
I haven't heard a republican claim that they would be fiscally responsible since the Bush days.
Quote:The GOP’s tax bill would add $1.7 trillion to the national debt over the course of a decade, and increase the country’s debt-to-GDP ratio by 5.9 percentage points, according to the Congressional Budget Office.
The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution. Still, the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.
The GOP allowed themselves up to $1.5 trillion of deficit increases over a decade in their budget. Despite the additional costs of servicing debt, the CBO score shows the tax plan staying within the bounds, which means Republicans will still be able to pass the bill through budget reconciliation, a procedure that only requires a simple majority to pass in the Senate.
CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of gross domestic product by 2027, 5.9 points higher than the current projection of 91.2 percent.
The deficit effects have been a major issue for Senate Republicans, in particular.
Trump administration officials have argued, variously, that GDP growth would eliminate some to all of the deficits produced by the tax plan.
The CBO score does not include macroeconomic effects that Republicans say will help temper the deficits.
So much for being the fiscal responsibility party...
I haven't heard a republican claim that they would be fiscally responsible since the Bush days.
Well, they actually claim it all the time, right? What the evidence says though is that they don't follow through with it.
(This post was last modified: 11-08-2017 01:49 PM by Redwingtom.)
RE: GOP tax bill would add $1.7 trillion to debt: CBO
(11-08-2017 02:11 PM)Chappy Wrote:
(11-08-2017 01:49 PM)Redwingtom Wrote:
(11-08-2017 01:41 PM)Fitbud Wrote: I haven't heard a republican claim that they would be fiscally responsible since the Bush days.
Well, they actually claim it all the time, right? What the evidence says though is that they don't follow through with it.
Unfortunately, Tom is correct. Although on the state level, Pat McCrory did a great job managing the budget in NC.
States are a different animal. Especially with Governors. It's much easier to vote them out of office than it is for incumbent Representatives to get the ax. You can't gerrymander a state
RE: GOP tax bill would add $1.7 trillion to debt: CBO
(11-08-2017 02:36 PM)rath v2.0 Wrote: The end is near. Liberal cookoo birds are concerned about deficits and adding trillions to the debt all of a sudden.
You're not reading this correctly and missing the point. Republicans (and especially the tea party) pretended to care about them. And now they don't seem to care. That makes them hypocrites, right?
And FWIW - I've always been concerned about the debt and deficit. However, not when the deficit is fairly small as it has been and the cost to borrow is basically zero coupled with the economy needing stimulus. I'm well aware that it's not sustainable forever, but you can't throw the baby out with the bathwater. It's the same thing with the debt limit nonsense. It's rarely been an issue when a Republican is president...they just keep raising it...but when Obama was in, it was suddenly anathema.
RE: GOP tax bill would add $1.7 trillion to debt: CBO
(11-08-2017 03:11 PM)Kaplony Wrote:
(11-08-2017 01:41 PM)Fitbud Wrote: I haven't heard a republican claim that they would be fiscally responsible since the Bush days.
I haven't heard a dim say they were going to be fiscally responsible since.......well I guess ever.
Again, anybody can (and will especially for politicians) claim something. It's whether you actually follow through on it. And NEITHER side is good at following through with it.
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GOP tax bill would add $1.7 trillion to debt: CBO
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