CBO: Senate tax bill increases deficit by $1.4 trillion
The Senate GOP tax plan will increase the deficit by more than $1.4 trillion over a decade, according to a new analysis by the Congressional Budget Office (CBO).
The CBO score comes as senators are already voting on amendments to the legislation and are expected to pass the bill in the early morning hours of Saturday.
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The legislation, according to CBO, would have the largest deficits between the 2019 fiscal year and the 2022 fiscal year.
The finding comes as GOP senators have largely ignored warnings that their tax plan would increase the deficit. Republicans argue that economic growth will more than make up for any increases to the national debt.
An earlier CBO estimate on the version of the tax plan passed by the Senate Finance Committee also found the bill would increase the deficit by roughly $1.4 trillion.
Sen. Bob Corker (R-Tenn.) is the only GOP senator expected to vote against the bill, citing concerns on the spending.
“At the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that I believe, based on the information I currently have, could deepen the debt burden on future generations,” he said earlier Friday.
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