User Clip: 171212 Cornyn Said Tax Bill Won't Increase Deficit

"Finally, I want to mention the Federal deficit. Will the tax bill increase it? Well, yesterday the Office of Tax Policy at the Treasury Department released an analysis of expected tax revenue associated with the administration's economic growth initiatives. Among the key findings is, $1.8 trillion of additional revenue would be generated over 10 years based on expected economic growth. The Congressional Budget Office uses the baseline of 1.9-percent economic growth. That is because, during the entire Obama Presidency, the U.S. Government and economy experienced an unprecedented low rate of economic growth since the Great Recession of 2008, but, historically, dating back to World War II, we have seen the economy grow at 3.2 percent. So why should we settle for 1.9 percent or 2 percent? We shouldn't." close