CBO projections show the federal government hitting the trillion-dollar deficit level in the current 2020 fiscal year.........The former Republican chairman of the House Ways and Means Committee, Republican congressman Kevin Brady, told the Peter G. Peterson Foundation earlier this year that "it's hard to know" what percentage of the Trump tax cuts will pay for itself.
Prior to passage of the Tax Cuts and Jobs Act, the Joint Committee on Taxation, a non-partisan fiscal group commissioned by Congress, predicted the legislation would add $1.5 trillion to the federal deficit over a decade.
Former U.S. Labor Secretary Robert Reich remarked last week, in response to an NBC News report on Sallie Mae corporate overspending: "Funny how Trump and Republicans can find the money to give corporations and billionaires massive tax cuts, but when it comes to cancelling student debt, that's a bridge too far."
How much larger is the U.S. deficit compared to what the nonpartisan Congressional Budget Office (CBO) predicted it would be under the Tax Cuts and Jobs Act (TCJA)?
$ billion
