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GOP chairman: Tax reform could increase deficit
The Republican tax reform plan could blow a hole in the nation’s deficit for several years, House Ways and Means Chairman Kevin Brady (R-Texas) said Wednesday.
“We will be open to losing tax revenues in these early years,” Brady said at an event on tax reform at President Ronald Reagan’s ranch in Santa Barbara, California.
Any such deficits, he added, would eventually come down as a result of economic growth, and eventually disappear altogether, a controversial prospect among economists and deficit hawks alike.
Trump administration will make this months Obamacare payments but leaves programs future in limbo
The Trump administration will make this month’s Obamacare payments to insurers, a White House spokesman confirmed today, despite the president’s repeated threats to cut off the subsidies and potentially tip the insurance markets into turmoil.
It’s widely anticipated that insurers would jack up premiums or exit the Obamacare markets altogether if the subsidies, worth about $7 billion this year, are eliminated. Insurance premiums for the most popular Obamacare plans would likely rise by 20 percent next year if the payments are stopped, according to a Tuesday CBO analysis.
The administration’s decision was immediately denounced by an influential GOP House conservative, suggesting mounting tensions among Republicans about how to move forward on health care after the repeal effort collapsed in the Senate late last month.
President Trump’s proposal to privatize air traffic control would add nearly $100 billion to the federal deficit over the next 10 years, according to a new analysis
An initial cost estimate from the Congressional Budget Office (CBO) projected that the legislation, which would reauthorize the Federal Aviation Administration (FAA) for six years and transfer the country’s air navigation system to a nonprofit corporation, would add $20.7 billion to the federal deficit.
But that was before necessary tax provision changes were made to the bill when it was filed with the House Rules Committee, where measures are teed up for floor debate.
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