GOP Bill May Add Trillions to Deficit—and Some Say It’s a Good Thing

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GOP Bill May Add Trillions to Deficit—and Some Say It’s a Good Thing

Printing Supervisor Donavan Elliott inspects newly printed sheets of one dollar bills at the Bureau of Engraving and Printing in Washington on March 24, 2015. Mark Wilson/Getty Images

As the Senate passed its own version of the “One Big Beautiful” budget bill, the effect of tax and spending cuts in the House version has led the Congressional Budget Office to project a $2.4 trillion increase in the federal deficit by 2034.

While there is debate among economists regarding these figures and whether tax cuts could increase government revenue by sparking higher growth, some have suggested that the apparent indifference toward deficits in pending budget legislation is reminiscent of modern monetary theory (MMT), which argues that deficits are not inherently a problem, and which found support with many Democrats in their efforts to spend trillions on climate and social justice programs. 

Original News Source Link – Epoch Times

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