The Senate version of President Trump's tax and spending bill, estimated to add nearly $3.3 trillion to US deficits over ten years, has raised significant fiscal concerns. The Congressional Budget Office reported a $4.5 trillion decrease in revenues and a $1.2 trillion drop in spending, while critics argue the unprecedented accounting method allows for bypassing fiscal limits. Despite facing obstacles and conflicting demands from Senate lawmakers, the bill aims to extend Trump's 2017 income-tax cuts. This approach has sparked substantial debate regarding the long-term health of the nation's fiscal trajectory.
The Senate tax bill could add nearly $3.3 trillion to US deficits over a decade, raising concerns about its fiscal impact and long-term sustainability.
The use of the unprecedented current policy baseline allows Republicans to extend Trump's tax cuts while presenting the measure as fiscally neutral, sparking significant debate.
Fiscal conservatives are concerned about the Senate bill's costs, which have faced numerous challenges and changes to comply with Senate reconciliation rules amid conflicting demands.
Critics argue that using the current policy baseline helps Republicans bypass fiscal limits, posing risks to the nation’s long-term financial health.
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