Drudge Retort: The Other Side of the News
Thursday, November 30, 2017

The congressional Joint Committee on Taxation said Wednesday afternoon that the Senate tax bill would add $1 trillion to federal budget deficits over the next decade, even after accounting for additional economic growth, a major blow to Republicans' contention that the $1.5 trillion tax cuts in the bill will pay for themselves through growth.

The committee, which serves as the scorekeeper for growth and revenue estimates in tax bills, estimated that the Senate bill would boost economic growth by 0.8 percent over a decade. Republicans have said they expect substantially stronger growth than that to result from the tax cuts.

Throughout the tax debate over the last month, Republican leaders have frequently cited other analyses by the committee in order to make their case for the bill.

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Senator Ron Wyden of Oregon, the top Democrat on the Finance Committee, said the analysis "ends the fantasy about magical growth and claims that tax cuts pay for themselves."

"What it proves is that this bill offers very little other than a holiday bonanza to multinational corporations and special interests," he said.

Senators debated whether to send the bill back to Senate Finance Committee over concerns about the deficit impact, a move that would have halted the bill and possibly killed it. Republican senators ultimately all voted to proceed, setting the stage for a full vote at some point.

• Senator John McCain of Arizona said he'll vote yes on the bill, but Senator Susan Collins of Maine said she is still undecided.

Comments

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Democrats would never have proposed nor supported anything like this Bill. It's the same old Magic Growth in the same old bottle, and they will pass it anyway.

The Parties policies are not the same, and neither are their candidates.

#1 | Posted by Corky at 2017-11-30 06:41 PM | Reply

The invisible hand of the market will set things straight.

Oh wait. No it won't.

Never mind.

#2 | Posted by ClownShack at 2017-11-30 06:48 PM | Reply

A farmer, an engineer, and a physicist were all asked to build a chicken coop.

The farmer says, "Well, last time I had so many chickens and my coop was so and so big and this time I have this many chickens so I'll make it this much bigger."

The engineer tackles the problem by surveying, costing materials, reading up on chickens and their needs, writing down a bunch of equations to maximize chicken-to-cost ratio, taking into account the lay of the land and writing a computer program.

The physicist looks at the problem and say, "Let's start by assuming spherical chickens....".

"Republicans' contention that the $1.5 trillion tax cuts in the bill will pay for themselves through growth" is in the same league as assuming spherical chickens.

#3 | Posted by donnerboy at 2017-11-30 07:15 PM | Reply

There's a tweet for everything:

Donald J. Trump‏ @realDonaldTrump

No member of Congress should be eligible for re-election if our country's budget is not balanced---deficits not allowed!
1:31 PM - 31 Jul 2012

Actually any Democratic president will do:

Tea Pain‏ TeaPainUSA

What do we need to do to get the GOP to care about the deficit/debt again? Elect another black president?
1:09 PM - 30 Nov 2017

#4 | Posted by Gal_Tuesday at 2017-11-30 07:42 PM | Reply | Newsworthy 4

They will care about the deficit again as soon as this pile of **** is passed.

They will have to cut SS and Medicare and Medicaid, not because they want to, but to help get us back on track.

See how that works?

#5 | Posted by MrSilenceDogood at 2017-11-30 08:03 PM | Reply | Newsworthy 1

crooksandliars.com

#6 | Posted by Alexandrite at 2017-11-30 08:32 PM | Reply | Newsworthy 1

#6 Rubio Says It Out Loud: Tax Cuts Are First Step To Social Security Cuts

#7 | Posted by Corky at 2017-11-30 08:41 PM | Reply | Newsworthy 1

Ted Lieu‏ @tedlieu

If you are a Republican and you vote to explode the deficit and debt by $1 Trillion, DON'T EVER LECTURE AMERICANS AGAIN ON THE DEFICIT OR DEBT. EVER. You just sold out your principles.
3:00 PM - 30 Nov 2017

#8 | Posted by Gal_Tuesday at 2017-11-30 09:33 PM | Reply

Bernie Sanders Warns That Republicans Are Coming To Kill Social Security And Medicare After The Tax Bill

www.politicususa.com

#9 | Posted by Gal_Tuesday at 2017-11-30 09:35 PM | Reply

"Bernie Sanders Warns That Republicans Are Coming To Kill Social Security And Medicare"

Marco Rubio just admitted it:
www.latimes.com

#10 | Posted by Danforth at 2017-11-30 10:25 PM | Reply

Ted Lieu‏ @tedlieu

If you are a Republican and you vote to explode the deficit and debt by $1 Trillion, DON'T EVER LECTURE AMERICANS AGAIN ON THE DEFICIT OR DEBT. EVER. You just sold out your principles.
3:00 PM - 30 Nov 2017

#8 | Posted by Gal_Tuesday at 2017-11-30 09:33 PM | Reply | Flag:

The cost of a bill or the debt only matters to the GOP when their is legislation pending that benefits more than the 1%.

#11 | Posted by 726 at 2017-12-01 06:57 AM | Reply

The GOP is cheering this $1,000,000,000,000 in NEW DEBT as a victory.

#12 | Posted by 726 at 2017-12-01 09:22 AM | Reply

How is there a debt when they will simply cut spending to cover it? The tax cuts will be paid for. Soon.

#13 | Posted by BruceBanner at 2017-12-02 11:23 AM | Reply

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