Jodey Arrington acknowledges growing federal deficit despite initial promises that 2025 tax cuts would pay for themselves.
House Budget Committee Chair Jodey Arrington, R-Texas, acknowledged that the federal deficit is growing by approximately $2 trillion per year, despite initial Republican promises that the 2025 tax cuts would pay for themselves. Before the legislation was enacted, Arrington stated that the bill would be fiscally responsible and would bring down indebtedness.
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However, official projections from the Congressional Budget Office now show the law will add roughly $4.7 trillion to the national debt over the next decade. Arrington attributed the shortfall in economic growth and the deficit growth to government shutdowns and the war in Iran. He also noted that the government's official budgetary scorekeepers are using old models and failing to perform well. Arrington suggested that drastic action, including bipartisan changes to Medicare and Social Security, would be required to address the country's finances. Rep. Lloyd Smucker, R-Pa., also acknowledged the major problem of growing debt and expressed hope that the other economic growth projections in the bill will eventually pay for themselves. Smucker suggested a bipartisan deal on Social Security solvency would include an increase in the limit on taxable income, a phased-in increase in the retirement age, and means-testing. House Ways and Means Chair Jason Smith, R-Austin, also highlighted the working-class tax breaks within the 2025 tax law, emphasizing that the bill was aimed at helping working families rather than billionaires.
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