Tax Cut Permanence Plan Raises 'Debt Spiral' Worry
A controversial plan by U.S. Senate Republicans to make President Donald Trump's 2017 tax cuts permanent is raising warnings from party fiscal hawks and independent analysts of a potential "debt spiral" that could undermine economic growth. The plan, which bypasses Democratic opposition, would ignore projected revenue loss of more than $4 trillion by claiming that tax policy would remain unaltered. This move has sparked opposition among hardline Republican fiscal conservatives who see it as a way to break the bank.
- The push for permanent tax cuts underscores the growing partisan divide on fiscal issues, where lawmakers are increasingly prioritizing short-term economic gains over long-term debt sustainability.
- How will this plan impact the future of social safety net programs and other spending priorities in the face of mounting national debt?