GOP tax bill would add $1.7 trillion to debt: CBO

The GOP’s tax bill would add $1.7 trillion to the national debt over the course of a decade, and increase the country’s debt-to-GDP ratio by 5.9 percentage points, according to the Congressional Budget Office.

The CBO analysis found that the bill would cut revenues by $1.4 trillion, which falls within the level Republicans allowed themselves in their budget resolution, but the additional cost of debt servicing would mean that the overall debt would increase by $1.7 trillion.

CBO also found that the nation’s debt-to-GDP ration, or debt burden, would rise to 97.1 percent of GDP by 2027, 5.9 points higher than the current projection of 91.2 percent.

The deficit effects have been a major issue for Senate Republicans, in particular.
Trump administration officials have argued, variously, that GDP growth would eliminate some to all of the deficits produced by the tax plan.