Liberal Forum

jerrab » 18 minutes ago » wrote: ↑

18 minutes ago

i am not optimistic at all-----

https://www.axios.com/2025/05/21/trump- ... ficit-debt

• White House press secretary Karoline Leavitt went as far as to claim that the bill "does not add to the deficit," and that it would actually save $1.6 trillion through spending cuts and Medicaid work requirements.

Reality check: Independent budget experts see that as laughable. ////////   so do I haha

• 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.

What they're saying: "This tax bill's enormity is being underplayed ... [It] will cost more than the 2017 tax cuts, the pandemic CARES Act, Biden's stimulus, and the Inflation Reduction Act combined," Jessica Riedl, a budget specialist at the conservative Manhattan Institute, told Yahoo Finance.

• Jim Millstein, a former chief restructuring officer at the Treasury Department, warned that most deficit projections "assume consistent economic growth."