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The federal budget deficit will rise to $1.4 trillion in fiscal 2023, the Congressional Budget Office estimated Wednesday, larger than previously projected and a reversal of the decline in deficits over the past few years as pandemic emergency spending wound down. ....
The debt doubled effectively under president bush and doubled again under president obama. $10 trillion is a cbo projection of debt. 2027, $31 trillion without the tax cut or 32 trillion with it, we have 97% of our debt that they re not addressing right now and they re talking about tax cuts, look, tax cuts historically have raised governor revenue and increased gdp, they re not talking about the true factor and that s over 97% of debt in 2027 has nothing to do with tax cuts and they re not talking about that. neil: but i m surprised as someone who follows the markets why isn t that more of a worry? i know we are able to handle it, but it s been not seen as worry because the milestone that is we crossed where we keep climbing higher and higher, eventually that will be an issue, isn t it? ....
Trillion and a deficit and says this is basically paraphrasing the tweet, he says, it basically doesn t justify that cost for 100 million households for a tax increase? i respect gene a great deal and consider him a friend and disagree with him about that. i m sure we ll have a chance to talk about that. but here s the way i think about it and what i would say to gene if he was here. if you look at the joint tax committee score in the tenth year they say the tax bill cost about $170 billion. look at the cbo projection and gdp, in the tenth year, gdp, $28 trillion. the amount of deficit talking relative to gdp in the tenth year, it doesn t take a lot of economic growth to cover that hole by the tenth year. the idea that right now we have the highest corporate tax on earth. generating almost no revenue because people avoid the tax moving factories to ireland. if we fix that, repair it, make the u.s. an attractive place again it s going to blow a hole ....
jon: is the fact that the bill was essentially put together in secret, is it the content of the bill that these six republican senators are an opposition to? there are lots of different reasons. you have conservatives like rand paul, ted cruz, ron johnson on one side who don t think the bill goes far enough. you ve got senators who don t like the cbo projection. or the president himself has admitted that it s a tricky balance to try to appease one side because when you do that, it may upset the other side. it seems that the focus in the white house right now is on the conservatives. the ones that when they ran in 2010, 2012, during the tea party wave, they were running on this very issue. i think republicans are trying to get this bill passed are saying we really can push them on that because they don t want to be blamed back home for the reason why this legislation didn t go through. ....
For people who have a preexisting condition. if we set up like maine did, the people who buy policies who have preexisting conditions, 90% of the premiums go into fund this risk-sharing arrangement. uma: i first want to talk about the preexisting conditions and seniors because apparently pregnancy is going to be considered a preexisting condition, that regarding that and also the aarp. a 55-year-old earning $25,000 could see payment increases north of 2300 of that per year. that number gets even higher for older americans and this is according to the congressional budget office and those are the numbers that a lot of american citizens who are not making over $200,000 a year are worried about. julie, the cbo projection was ....