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adding to that

by Jay ?, San Diego, Saturday, December 02, 2017, 09:15 @ MattG

https://www.newyorker.com/sections/news/the-passage-of-the-senate-republican-tax-bill-w...

The three so-called deficit hawks—Corker, Flake, and McCain—didn’t get anything to allay their concerns about fiscal stability. After the Senate parliamentarian ruled out Corker’s proposal for a “trigger mechanism” to raise taxes if the budget deficit hit a certain level, the Republican leadership dropped the idea of having a fallback method to restrain the deficit. According to the Joint Committee on Taxation, the official scorekeeper on Capitol Hill, the Senate bill would boost the deficit by a trillion dollars over the next ten years. To raise this money, the U.S. Treasury would have to issue another trillion dollars in debt, which would add to the nation’s already formidable borrowings. By 2027, according to the Committee for a Responsible Federal Budget, the debt-to-G.D.P. ratio, a key measure of fiscal solvency, will be approaching a hundred per cent.

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