Senate Majority Leader Mitch McConnell is countering-- a non-partisan committee responsible for issuing reviews on all revenue-related legislation -- that says the Senate tax bill could rack up around $1 trillion in federal deficits over the next decade.
During an, McConnell said the GOP tax bill is "deficit neutral" and dismissed criticism that the Republican Party had abandoned its long-held political priority of fiscal responsibility.
"I'm not somebody who believes you can just cut taxes everywhere and get more revenue. I'm closer to the position of a deficit hawk," McConnell said.
The majority leader elaborated on why he believes that the bill as it stands curbs projected deficits, which would add to, and be a boon for the national economy.
"Let me say the economy would only have to grow four-tenths of one percent over 10 years to fill that deficit gap. I mean, we are totally confident this is a revenue-neutral bill and probably a revenue producer," McConnell said.
According to McConnell, the economic growth that would emerge if the bill gets signed into law would shatter financial expectations as well as existing growth rates from. He did not cite any specific study.
"Even I believe that we could get four-tenths of one percent growth over the next 10 years out of a pro-growth bill like this," McConnell said, adding, "I think it's a very conservative estimate."
Not everyone is entirely convinced or even motivated by McConnell's optimistic and speculative trickle-down theory.voted for the Senate tax bill over the weekend, and out of "fiscal concerns."
This week, the House and the Senate will try towith the aim of delivering a tax bill to President Trump's desk for his signature before Christmas.