As Republicans on Capitol Hill lay the groundwork for extending the 2017 tax cuts, cracks are already emerging on one of the biggest questions: how to handle the cost.
Extending the tax provisions is estimated to increase the deficit by $5 trillion, according to the nonpartisan Congressional Budget Office.
Yet many lawmakers are quick to dismiss or explain away the number, arguing the tax cuts will ultimately help the economy and, subsequently, revenue for the government.
Some top tax leaders, including Sen. Mike Crapo, R-Idaho, the incoming chair of the Senate Finance Committee, have downplayed the $5 trillion estimate, which assumes that the 2017 tax provisions set to expire at the end of 2025 have already done so.
Yet a group of deficit hawks are worried about the ballooning deficit, and think any tax package needs to be fully offset.
Persons:
Steve Scalise, doesn't, Sen, Mike Crapo, Crapo, we're
Organizations:
Capitol, CNBC, Senate Finance Committee, Fox Business
Locations:
Idaho