US Treasury Secretary expects tax bill to be passed by July 4

US Treasury Secretary

 

US Treasury Secretary expects tax bill to be passed by July 4

US Treasury Secretary Scott Besant expects the tax bill to be passed by July 4.

Besant asserted that the United States will never default on its public debt.

A new report from the Congressional Budget Office shows that the Republican tax and spending bill passed by the House of Representatives will add approximately $2.8 trillion to the federal deficit over the next decade.

Despite expectations of a modest growth stimulus, the negative effects of rising interest rates and borrowing costs are likely to worsen the deficit.

These new estimates could hinder efforts to pass the bill in the Senate, especially given the ongoing disagreement over sensitive items, such as tax credits and Medicaid cuts.