OMB Director Russell Vought: If Trump’s bill fails, expect recession and 60% tax increase
The White House is challenging the nonpartisan Congressional Budget Office’s assessment that President Donald Trump’s sweeping tax and spending package will raise the federal deficit by trillions of dollars throughout the next decade.
The national debt, currently $36.2 trillion, tracks what the U.S. owes its creditors, while the national deficit measures how much the federal government’s spending exceeds its revenues. So far, the federal government has spent more than $1 trillion more than it has collected this fiscal year, according to the Department of the Treasury.
