Budget Bill Would Hassle the Poor and Increase Debt: Justin Fox

In the 2024 fiscal year, which ended last September, the US federal deficit was 6.4% of gross domestic product — a size unprecedented except in wartime or other significant crisis. If the tax and spending bill currently being worked on by House Republicans is enacted more or less as is, the deficit a decade from now will, according to the latest estimates from the Congressional Budget Office, be … 6.8% of GDP.

There are lots of uncertainties here. The bill keeps changing. The CBO projections — which I’ve assembled for the tax bill by adding together the revenue and outlay estimates for ...