$4 Trillion Dollar Deficit

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BY C STONE | STONE NEWS NETWORK

Source:Axios

The fiscal bill that President Trump is trying to pass is projected to add trillions of dollars into the U.S. debt over the next 10 years.

Loyalties are being tested as the president seeks to push a bill that will add more burden to the U.S. economy.

The White House Council of Economic Advisors claim the bill will boost the GDP by 4.2 to 5.2% in short term - but this growth is beyond consensus.

WH Press Secretary Karoline Leavitt said this bill "will not add to the deficit". We'd like to see the data that supports this claim.

Per axios:

  • The Joint Committee on Taxation projects the House reconciliation bill would increase deficits by $3.8 trillion through 2034.
  • The Penn Wharton Budget Model projects deficits of almost $3.3 trillion, even when accounting for "positive economic dynamics."
  • Moody's, which downgraded the U.S. credit rating on Friday, estimates that extending Trump's 2017 tax cuts alone — a central component of the bill — would add $4 trillion to the deficit over the next decade.

So who is telling the truth?


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