Republicans Propose New Tax Cuts That Could Cost $2 Trillion as Deficit Grows 32 Percent in 2018
“Republicans are pushing to pass additional tax reforms before midterm elections this November. But the changes, which would make the individual tax cuts passed in December permanent, could add another $2 trillion to the deficit over the next 10 years.
The proposed cuts came as the federal deficit hit $895 billion in the first 11 months of fiscal year 2018. That’s a 32 percent, or $222 billion, increase over last year’s deficit, according to the nonpartisan Congressional Budget Office.