Analysis: Senate Republican tax bill would add $1 trillion to deficit

Mitch McConnell.
(Image credit: Getty Images)

A congressional analysis released Thursday by the Joint Committee on Taxation estimates that over the next 10 years, the Senate Republican tax bill would increase the federal budget deficit by $1 trillion, and that takes into account increased economic growth.

It is estimated that the bill would raise the country's economic output by an average of 0.8 percent over a decade, but would still add $1 trillion to the deficit. In urging lawmakers to vote for the bill, the Trump administration has said its tax cuts would be covered by economic growth. Sen. Ron Wyden (D-Ore.) told reporters the analysis "ends the fantasy about magical growth and claims the tax cuts pay for themselves. It is the total opposite of what the Senate sponsors and Trump administration have been claiming now for months."

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