"That (House) plan released Wednesday—headed for a Budget Committee vote Thursday—calls for a minimum of $1.5 trillion in spending cuts over a decade and a maximum of $4.5 trillion in tax cuts from the Ways and Means Committee. It would increase the federal debt limit by $4 trillion, likely enough to get through about two years. The plan calls for $300 billion in new spending, likely for immigration enforcement and the military. "
So they would reduce revenue $4.5T, increase spending $0.3T for a $4.8T total reduction in revenue over 10 years while reducing spending a mere $1.5T for a net debt added increase of $3.3T. Meanwhile, they increase the debt limit by $4T over two years or $20T over 10 years. That means they expect the debt to increase around $17T over the next 10 years even w/o these debt increases, meaning these tax cuts aren't being offset by revenue gains from the lower taxes that supposedly increase economic activity.
Anyone thinks this plan is conservative???
So they would reduce revenue $4.5T, increase spending $0.3T for a $4.8T total reduction in revenue over 10 years while reducing spending a mere $1.5T for a net debt added increase of $3.3T. Meanwhile, they increase the debt limit by $4T over two years or $20T over 10 years. That means they expect the debt to increase around $17T over the next 10 years even w/o these debt increases, meaning these tax cuts aren't being offset by revenue gains from the lower taxes that supposedly increase economic activity.
Anyone thinks this plan is conservative???
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www.wsj.com
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