Americas News Despite US$1 trillion deficits, Trump tax cuts will still ‘pay for themselves’ – Mnuchin Thursday, Feb 13, 2020,16:42 (GMT+7) Despite US$1 trillion deficits, Trump tax cuts will still ‘pay for themselves’ – Mnuchin U.S. Treasury Secretary Steven Mnuchin testifies before a Senate Finance Committee hearing on the President’s FY2021 Budget on Capitol Hill in Washington, U.S., February 12, 2020 – PHOTO: REUTERS WASHINGTON (REUTERS) – U.S. Treasury Secretary Steven Mnuchin insisted on Wednesday that President Donald Trump’s tax cuts will still pay for themselves over 10 years, even as the administration forecasts near-term deficits close to US$1 trillion. Mnuchin told the Senate Finance Committee that the administration was two years into that 10-year period, and higher spending was the source of the deficits, not lower revenues. The Congressional Budget Office predicted in January that U.S. deficits would average US$1.3 trillion a year over the next decade, far higher than envisioned in Trump’s budget released on Monday. That level is viewed by some economists and policy makers as unsustainable “Our analysis has always been higher than CBO. As I’ve said previously, we believe that the tax cuts will pay for themselves over a 10-year period of time, it’s how we score them,” Mnuchin… Read full this story
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