House GOP tax plan would add $1.7 trillion to deficit: CBO

J. Scott Applewhite/AP

J. Scott Applewhite/AP

(Via ABC News)

The House Republican-backed tax plan released last week would add $1.7 trillion to the deficit over the next decade, according to a new review by the nonpartisan Congressional Budget Office.

The plan adds $1.4 trillion to the deficit, but that figure goes up to $1.7 trillion with interest, according to the CBO, which put the review together in response to a request for information from Rep. Richard Neal, D-Mass., the top Democrat on the House Ways and Means Committee.

Republicans have said the plan will spur economic growth, which this study did not take into account.

House Republicans are aiming to pass the bill out of committee this week and out of the House by Thanksgiving. The Senate is working on its own version of the bill.

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