Republican lawmakers on Tuesday brushed aside a report from the nonpartisan Congressional Budget Office that found their signature tax law would add $1.9 trillion to deficits by 2028.
The Republicans in their budget resolution allowed for the tax law to add $1.5 trillion to deficits, but insisted throughout the process that the impact on the debt would be minimal. They stood by that take on Tuesday, saying the CBO is wrong to estimate the tax law will actually boost deficits by nearly $2 trillion.
“They’ve been wrong consistently, from the 1930s to the 1960s to the 1980s on the impact of tax cuts as it relates to revenues,” on Republican said of the CBO, which was formed in 1974.
Read more at The Hill.