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$3.3 trillion
The CBO estimates that the Republican reconciliation bill that the Senate is considering will increase the deficit by nearly $3.3 trillion between 2025 to 2034, Bloomberg reports.Punchbowl News says Senate Republicans and the White House reject the CBO estimate as inaccurate. The White House estimates it will cut the deficit by $4.9 trillion over the next decade.
$2.4 trillion
“The nonpartisan Congressional Budget Office on Wednesday released a revised estimate of the cost of President Donald Trump’s tax-cut bill passed by the U.S. House of Representatives, concluding it will add $2.4 trillion to the federal government’s $36.2 trillion debt,” Reuters reports.
“Wall Street bankers and executives are privately warning the Trump administration that the tax bill moving through Congress could stoke investor anxiety about rising deficits, push up U.S. borrowing costs and damage the broader economy.”
$3.94 trillion
“House Republicans’ tax package is now expected to cost nearly $4 trillion, thanks in part to a last-minute deal to further increase a cap on state and local tax deductions,” Politico reports. “The legislation approved last week by the House is now anticipated to cost $3.94 trillion over the next decade, the official Joint Committee on Taxation said.”
$4.6 trillion
“As discussions intensify on Capitol Hill over reupping President-elect Donald Trump’s signature tax cuts, Republicans are headed for a massive fight over what could be a nearly $5 trillion price tag,” Politico reports. “Top House and Senate lawmakers are deeply divided over what, if anything, to do about the hit to the budget that would come by renewing the slew of tax cuts benefiting millions of Americans that are set to expire at the end of next year.”
“Maybe we’ll pay off the $35 trillion US debt in crypto. I’ll write on a little piece of paper ‘$35 trillion crypto we have no debt.’ That’s what I like.”
— Donald Trump, floating a plan to address the federal budget deficit and demonstrating his deep understanding of the crypto marketplace.
$4.6 trillion
“The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded to $4.6 trillion,” Bloomberg reports. “That puts a massive price tag on what is likely to be a top issue in Washington next year as lawmakers grapple with the future of Trump’s tax cuts, which are slated to expire at the end of 2025.”
$14 trillion
“In a statement, the Treasury Department said the annual deficit had plummeted from $2.8 trillion in 2021 to roughly $1.4 trillion in 2022 — a decline driven primarily by the expiration of trillions in pandemic-era emergency spending. The gap between revenue and spending also shrunk in part due to stronger-than-expected tax receipts, as a booming U.S. economy and large corporate profits helped bring in additional funds to federal coffers,” the Washington Post reports.
$31 trillion
“America’s gross national debt exceeded $31 trillion for the first time on Tuesday, a grim financial milestone that arrived just as the nation’s long-term fiscal picture has darkened amid rising interest rates,” the New York Times reports.
“There is a day of reckoning here — you can’t just raise debt. They don’t want to talk about how they’re going to pay for it, and now they’re going to want to go do an infrastructure bill.”
— Sen. Rick Scott (R-FL) said “he’s worried that interest rates and inflation will rise as a result of greater government borrowing once President Joe Biden’s $1.9 trillion stimulus package becomes law,” Bloomberg reports.
