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1 Estimated Deficits and Debt under the Chairman's Mark of the Tax Cuts and Jobs Act 1 (2017)

handle is hein.congrec/esdmktxc3909 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 November 13, 2017 Honorable Ron Wyden Ranking Member Committee on Finance United States Senate Washington, DC 20510 Dear Senator: This letter responds to your request for information about the estimated deficits and debt under the Chairman's Mark of the Tax Cuts and Jobs Act. 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. If you wish further details on this estimate, we will be pleased to provide them. Sincerely, Keith Hall Enclosure cc: Honorable Orrin G. Hatch Chairman

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