Tax Law Forecast To Grow National Debt To 97.5% Of GDP

Law360, New York (January 3, 2018, 3:44 PM EST) -- America’s public debt is projected to increase to nearly the size of the country’s entire economy over the next decade as a result of the newly enacted tax cut legislation, according to a new estimate from the Congressional Budget Office on Tuesday.

Congressional budget experts said that $1.5 trillion legislation, which reduces corporate and individual tax rates and makes sweeping changes to the tax code, will require an additional $314 billion in interest payments on the national debt.

As a result, the new law is expected...
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