Trump tax bill raises debt concerns

Updated Month DD, YYYY

⁣ Treasury Secretary Scott Bessent testified before the House ‍Ways &⁣ Means
⁤ ‌ Committee on Wednesday,⁣ where ⁣Democrats challenged the GOP’s Trump agenda
⁣ bill. Rep. Terri Sewell, ⁢D-Ala., questioned‌ whether the bill would
⁤ increase the national debt.
⁤ ⁣

​”It remains to‌ be seen,” Bessent said in response ​to questions about the
⁣ national
debt,​ which is nearing $37 trillion.

‌ Sewell cited Congressional Budget Office (CBO) modeling that projects⁤ the
⁤ bill would add $2.4 trillion to federal deficits over the next decade.
⁤ ​ The national debt is the cumulative sum owed‌ by ⁣the federal government,
⁢ while ‍the⁣ deficit is⁣ the difference ‌between government spending‌ and
‌ revenue.
‌

⁢ ⁢ Bessent countered that the CBO also ‍indicated Trump’s tariff ‌policies
⁣could reduce the deficit by $2.8 trillion over⁤ 10 years, perhaps
‍ creating a surplus under the legislation.

⁣ Rep.Jodey Arrington, R-Texas, chairman ‌of the House Budget⁢ committee,
also addressed claims that‌ the bill would increase the
⁢
national debt.
‍

⁣ ​”Forget for a minute that they, under their control, full Democrat
⁤ ‌ control, added $8 trillion to the national debt,” Arrington said.
⁣

⁢ ⁤ ‌ ⁤Arrington stated that CBO static scores show‌ the ⁣bill’s cost at about
⁢‌ $4.16 trillion. He added that⁢ with $1.7 trillion in savings and‍ a
‍ ‌ conservative growth rate, the net effect would be a deficit reduction.

What’s next

The House and Senate will continue to debate the merits of the bill as
‌ negotiations continue.