Legislation

ML-Implode News – Corker on new $1.9 tln deficit estimate: Tax cuts could be ‘one of the worst votes I’ve made’


Retiring Tennessee Sen. Bob Corker (R) said his vote on the GOP tax law could be one of the worst of his career if estimates that it will add $1.9 trillion to deficits over a decade prove correct.

“If it ends up costing what has been laid out here, it could well be one of the worst votes I’ve made,” he said at a Senate Budget Committee hearing on the Congressional Budget Office (CBO) estimate that produced the figure.

The new CBO estimate that the bill would cost $1.9 trillion through 2028 is higher than previous available estimates, largely because it includes the interest costs of servicing the debt, as well as more recent economic data. The Joint Committee on Taxation had estimated the bill would cost roughly $1.1 trillion over a decade at the time Corker cast his vote. Both estimates take into account the effects of economic growth on revenues.

This happened only slightly faster than we expected…


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