Sentences with phrase «us federal deficit»

According to the Joint Committee on Taxation, the TCJA would add roughly $ 1 trillion to the federal deficit even when factoring in increased economic growth from the bill.

The Republican tax bill would add $ 1 trillion to the federal deficit over the next decade, according to an analysis by the Joint Committee on Taxation.

While last week's budget vote cleared the way to begin the tax reform effort, 20 Republicans voted against it, citing issues with the elimination of state and local tax deductions and a massive expansion of the federal deficit.

Office of Management and Budget Director Mick Mulvaney argued earlier this week on CNN's «State of the Union» that increasing the federal deficit is necessary to unlocked the desired economic growth the Trump administration has targeted.

WASHINGTON, Oct 9 - A top Senate Democrat on Tuesday said new tax revenues should go to reducing the federal deficit, not cutting tax rates, dismissing as «obsolete» a Reagan - era model of tax reform.

And all of them argue that the proposed tax cuts, estimated to reduce federal revenue by more than $ 1.4 trillion, won't increase federal deficits, an assertion that's been contradicted by Congress's official tax scorekeeper.

With the federal deficit for 2010 sitting at $ 53.8 billion and most provinces also facing shortfalls, Manley says tax hikes may be the only way to stem the bleeding.

In the Vietnam War era the government's rapid increase of the federal deficit began the inflation cycle that peaked in the late»70s.

Why he could vote no: Lankford raised serious concerns about the TCJA's projected additions to the federal deficit.

Their issues range from the tax legislation's treatment of small businesses, to healthcare, to the federal deficit.

According to a new report from the Joint Committee on Taxation, the House GOP tax reform bill — the Tax Cuts and Jobs Act (TCJA)-- would increase the federal deficit by $ 1.487 trillion over the 10 years after it is implemented.

The Penn model found that the bill would increase the federal deficit by $ 1.327 trillion over the first 10 years after it becomes law (not including debt - service costs).

Thirteen months later, with Canadians staring at a $ 56 - billion crater in the government's finances, the minister got testy with reporters who were asking for his response to a report from the Parliamentary Budget Office that predicted a federal deficit of nearly $ 20 billion in 2013 - 14.

For starters, Prime Minister Stephen Harper has promised to fight the federal deficit, expected to reach $ 56 billion by fiscal year - end, with «fiscal discipline» instead of tax increases.

The federal deficit, however, is undebatably swollen, and President Obama has asked the public for good ideas to be sent his way.

And there's a bruising fight with Congress over spending and the federal deficit on the horizon, just days after Obama and Congress averted the fiscal cliff with a last - minute deal over the New Year's holiday.

A new analysis from a nonpartisan thank tank showed that the Republican tax plan would do little to boost economic growth and would cause the federal deficit to balloon.

U.S. budget: The group expects continued improvement in the federal deficit, which it sees shrinking to $ 460 billion next year from $ 483 billion in fiscal year 2014

A provision within that rule stipulates that any bill going through reconciliation can not add to the federal deficit outside of 10 years.

But his ambitious plan alarmed lawmakers who worry about ballooning federal deficits.

Meanwhile, Maine Republican Sen. Susan Collins has been noncommittal on the bill, while Sen. Bob Corker, R - Tenn., has expressed concerns about expanding the federal deficit.

Finance Minister Jim Flaherty, who ran a projected $ 56 - billion federal deficit last year, recently softened his stance on stimulus along with his deadline to get back to balance, but even little trims hurt.

But in a recent report, the Congressional Budget Office identified another, more unexpected variable: the impact on the federal deficit.

Fink said a corporate rate as high as 27 percent could satisfy U.S. businesses» need for tax relief, while avoiding an increase in the federal deficit.

Another early obstacle is the projected fiscal impact of the plan, which would slash U.S. revenues and expand the federal deficit and the national debt, which now exceeds $ 20 trillion.

«They undoubtedly are dependent on some special legislation or some under - the - table benefits with Medicaid and with education programs going forward that the federal deficit will have to fund,» he says.

Hungry for legislative victory after repeated failures in their push to overturn Obamacare, many Republicans are now willing to accept a tax plan that raises the federal deficit, a fact that bothers some deficit hawks.

The result: a need for greater private - sector financing of federal deficits.

While Republican leaders and Trump administration officials promised as recently as three weeks ago that the bill would pay for itself with economic growth, the analyses have been universal: They have shown that the bill would add roughly $ 1 trillion or more to the federal deficit over 10 years, even when accounting for the growth.

CBO and JCT estimate that enacting this legislation would reduce the cumulative federal deficit over the 2017 - 2026 period by $ 321 billion.

CBO and JCT estimate that enacting the legislation would reduce federal deficits by $ 337 billion over the 2017 - 2026 period.

Under current law, the individual mandate and its associated penalties increase federal deficits by encouraging people to obtain subsidized coverage — through Medicaid, the health insurance marketplaces established under the ACA, or employment - based plans (which receive indirect subsidies to the extent that premiums for that coverage are excluded from taxable compensation).

In 1994 - 95, the federal deficit was 4.7 % of GDP.

Under the Senate's «budget reconciliation» rules, the tax legislation can increase the federal deficit by $ 1.5 trillion over the next 10 years — and not a dollar more.

Even when announcing in November that the federal deficit would come in at $ 26 billion, $ 5 billion higher than predicted in the 2012 budget, the minister couldn't resist gloating: «Unlike many of Canada's counterparts in the G7, we remain on track to return to balanced budgets over the medium term.»

Stephen Gordon notes that the finance department considers the federal deficit to be structural.

Today, however, those taxes have been cut, along with dividend taxes and the massive federal deficit has begun to wreak havoc on the states» budgets.

With the onset of the 2008 - 09 recession and the subsequent G20 agreement for countries to introduce temporary stimulus spending equivalent to 2 percent of GDP, the federal deficit ballooned to $ 55.6 billion in 2009 - 10; $ 33.0 billion in 2010 - 11; $ 26.3 in 2011 - 12; $ 18.4 billion in 2012 - 13 and $ 5.2 billion in 2013.14.

The recently passed tax cuts could increase the Federal deficit by around $ 200 billion this year, adding to the supply of bonds.

The provision can not increase the federal deficit at some point in the future, beyond the typical 10 - year «budget window» that is used to evaluate legislation.

And despite recent declines in oil prices, the federal deficit will be eliminated in 2015 - 16 and possibly even one year earlier.

In 1994 - 95, the federal deficit stood at $ 36.6 billion, or 4.8 per cent of GDP.

If the bill does not meet the budget resolution's instructions to reduce the federal deficit, any provision that results in either increased spending or decreased revenue is removed until it does meet those targets.

(Tweet this) Depending on those economic considerations, the federal deficit could increase up to $ 353 billion over the...

In summary, we believe that the Institute's fiscal projections understate the magnitude of the federal deficit and that the some of the proposed restraint measures are unrealistic and will not yield their estimated savings.

Based on the reconciliation provided in the Public Accounts, we estimate that, over the period 2002 - 03 to 2011 - 12, the federal deficit / surplus turned out to be $ 24.2 billion better than originally forecast.

They advocate advancing the date for eliminating the federal deficit in 2014 - 15.

It should not have come to anyone's surprise that the announcement by the Prime Minister that the federal deficit for 2013 - 14 was $ 5.2 billion, substantially lower than the $ 16.6 billion forecast in the February 2014 budget.

It's budget season, and there's a federal deficit to worry about.

«I maintain that the implementation of something meaningful is an intractable problem given the concerns surrounding the Federal deficit, the [state and local tax] deduction, and the Affordable Care Act,» Klein said.