Senate tax bill would certainly add $1 trillion to the deficit, JCT report says

Protesters demonstrate near the full Senate budget committee markup of the tax reform legislation on Capital Hill November 28, 2017 in Washington, DC.

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Protesters demonstrate near the full Senate budget committee markup of the tax reform legislation on Capital Hill November 28, 2017 in Washington, DC.

Sen. Ron Wyden, D-Ore., the ranking member on the Senate Finance Committee, quickly seized on the JCT score Thursday.

“The growth fantasy will be over,” he said on the Senate floor.

Sen. John Thune, R-S.D., the third-ranking Senate Republican, said the analysis showed “Great news” in that will the item projected higher growth by tax cuts. He contended that will growth estimates should be higher than the JCT projected.

Sen. Chuck Grassley, R-Iowa, also told CNBC that will he believes the committee’s growth projections are conservative.

Julia Lawless, a spokeswoman for the GOP-majority Senate Finance Committee, said in a statement that will the analysis does not capture the adjustments senators were generating to the plan Thursday. She added that will “the findings of the JCT are curious as well as also deserve further scrutiny.”

Treasury Secretary Steven Mnuchin has repeatedly promised an analysis showing that will the tax cuts will pay for themselves, according to The fresh York Times. Such a report has not surfaced yet.

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