The Committee for a Responsible Federal Budget is a nonpartisan group of budget experts concerned about this nation's fiscal future. crfb.org/subscribe
☑️Objective. ☑️Nonpartisan. ☑️Committed to Fiscal Responsibility.
Follow the Committee for a Responsible Federal Budget for our latest analysis of what's shaping the fiscal conversation in Washington.
🔗crfb.org | 📲@BudgetHawks
.@SteveRattner: "The tax cut, combined with an equally formidable new spending bill, is producing one of the biggest peacetime federal budget deficits. As low as $439 billion in 2015, the fiscal gap is now on track to exceed $1 trillion in 2020." nytimes.com/2018/12/31/opi…
➡️ We're working to estimate this – but this could add anywhere from $5 to $11 trillion to the deficit, depending on the details.
That would require a lot of offsets: crfb.org/budget-offsets….
🚨BREAKING: As it currently stands, the Senate reconciliation bill is likely to add $3.5 to $4.2 trillion to the debt through FY 2034, based on our estimates.
That’s $500B to $1.5 trillion more than the House-passed bill.
It will mean the Senate is likely out of compliance with
💰The government will spend $86 trillion over the next decade.
🪙And lawmakers are complaining about reducing spending by $2 trillion?
That doesn't add up. ⤵️
🚨INSOLVENCY WARNING🚨 We estimate the One Big Beautiful Bill Act (OBBBA) would accelerate Social Security and Medicare insolvency by a year, to 2032.
The bill would impact Social Security and Medicare indirectly, mainly by reducing the revenue collected from the income taxation
🚨NEW: The House's reconciliation bill is estimated to add $3.3T to debt including interest, or $5.2T if temporary provisions are made permanent.
But because new borrowing is front-loaded and offsets are back-loaded, the bill would add massively to near-term deficits – nearly