CBO's Widened $1.67T Deficit Estimate Impedes Tax Reform

Law360, New York (November 8, 2017, 6:23 PM EST) -- The Tax Cuts and Jobs Act would add $1.67 trillion to the country’s deficit over 10 years when debt service is included in the calculations, the Congressional Budget Office wrote Tuesday, creating another barrier to passage under reconciliation.

According to the budget bills passed by the House of Representatives on Oct. 26 and by the Senate a week prior, the tax reform act can add $1.5 trillion to the federal deficit and use budget reconciliation rules to allow both the House and Senate to pass tax...
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