House GOP tax plan would add $1.7 trillion to deficit: CBO

President Donald Trump speaks during a meeting on tax policy with Republican lawmakers in the Cabinet Room of the White House, Thursday, Nov. 2, 2017, in Washington, with House Speaker Paul Ryan of Wis., and Chairman of the House Ways and Means Committee Rep. Kevin Brady, R-Texas, right. (AP Photo/Evan Vucci)

The House Republican-backed tax plan released last week would add $1.7 trillion to the deficit over the next decade, according to a new review by the nonpartisan Congressional Budget Office.

The plan adds $1.4 trillion to the deficit, but that figure goes up to $1.7 trillion with interest, according to the CBO, which put the review together in response to a request for information from Rep. Richard Neal, D-Mass., the top Democrat on the House Ways and Means Committee.

Related Coverage: 60 percent of Americans say Trump tax plan will benefit wealthy (POLL)

Republicans have said the plan will spur economic growth, which this study did not take into account.

House Republicans are aiming to pass the bill out of committee this week and out of the House by Thanksgiving. The Senate is working on its own version of the bill.

Related Coverage: GOP tax plan may offer little aid for many in middle class 

WTNH NEWS8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Also, you can now block any inappropriate user by simple selecting the drop down menu on the right of any comment and selection "Block User" from there.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s