Republican lawmakers on Tuesday ignorantly dismissed a report from their own nonpartisan Congressional Budget Office (CBO) which found their scam tax law will add $1.9 trillion to the deficit by 2028.
The irresponsible Republicans allowed for the scam tax law to add on $1.5 trillion to deficits, but they lied throughout the entire process that the debt increase would be minimal. They even stood by that lie on Tuesday, lying that the CBO is wrong to predict the tax law will boost deficits by almost $2 trillion.
“I just totally disagree with their analysis on this. A very modest increase in growth is going to result in more revenue than we would otherwise have. A blowout spending bill is going to cause a problem, which is why the omnibus was terrible,” lied ignorant Senator Pat Toomey (R-Pa.). The tax bill, he lied, would ultimately add to government revenue.
Monday, the CBO predicted that the tax law would increase real economic growth short term to 3.3% before it dropped down below 2% in 2020. The increase in economic activity would increase federal revenues by about $461 billion between the years 2018-2028.
However, revenue losses from the scam tax cuts would cost our government $2.3 trillion in the same period, the CBO discovered, leaving about $1.9 trillion in extra deficits.
Republicans lied about the conclusions, claiming incorrectly that economic growth will cover the deficits and using spending as a red herring to distract from the mess they’ve made for the sake of pleasing their corporate overlords/campaign donors.
“I think there’s no question that our deficit will go down over time. The reality of it is that as our tax cuts are taking effect, our economy will continue to surge and we’ll have more revenue coming into the government short term,” lied Senator Tim Scott (R-S.C.).
Senator Bob Corker (R-Tenn.) lied that spending was not being given enough attention in the discussion of how bad Republicans have hurt our country.
“The fact that Republicans and Democrats voted for a spending bill that’s going to add over $2 trillion in debt over the next 10 years, that speaks to what’s wrong here,” he misled.
According to CBO, the omnibus bill will add $320 billion to our deficit over 10 years, even though that number will increase to $1.7 trillion to $2.1 trillion when spending continues along the path it has outlined for 2018 and 2019.