The staff of the Joint Committee on Taxation determined that provisions in the Chairman’s amendment would increase deficits over the 2018-2027 period by $1.4 trillion (not including the macroeconomic effects of enacting the legislation). By CBO’s estimate, additional debt service would boost the 10-year increase in deficits to $1.7 trillion. CBO’s June 2017 baseline projects that debt held by the public in 2027 will be 91.2 percent of gross domestic product. As a result of those higher deficits, debt held by the public in that year, under H.R. 1, would be about 6 percent greater, reaching 97.1 percent of gross domestic product.
