The staff of the Joint Committee on Taxation determined that provisions in the Chairman’s Mark would increase deficits over the 2018-2027 period by $1.5 trillion (not including any macroeconomic effects). By CBO’s estimate, additional debt service would boost the 10-year increase in deficits to $1.7 trillion. As a result of those higher deficits, debt held by the public would increase from the 91.2 percent of gross domestic product in CBO’s June 2017 baseline to 97.3 percent.
Estimated deficits and debt under the Chairman’s Mark of the Tax Cuts and Jobs Act
Letter to the Honorable Ron Wyden