Speaker Ryan disagrees with nonpartisan analysis that shows GOP tax bill would add $1T to deficit

MADISON — The Republican tax bill will add  $1 trillion to the deficit over the next decade, according to a nonpartisan analysis that came Thursday, November 30th — just hours before the Senate was scheduled to vote. House Speaker Paul Ryan said he disagrees with the estimate.

House Speaker Paul Ryan

“I really believe the economic growth that will come from this law will dramatically help reduce any deficit effects that come from it,” said Speaker Ryan.

Senators are considering a provision to trigger automatic tax increases if the economy doesn’t grow as needed to offset the cost of the bill’s tax cuts. Ryan would not say if he supported that change.

“What I don’t do…is I don’t comment on what the Senate’s doing while they’re doing it,” said Ryan.

Senator Ron Johnson

A handful of Republicans — including Wisconsin’s Ron Johnson — have not committed to voting for the final product. Ryan said he agrees with Johnson’s concerns about the treatment of certain businesses, and the two have been talking about changes.

“I’ll keep our conversations between the two of us. But obviously, you can’t pass a bill if you go to conference committee and get a bill out of conference committee, so we would stop tax relief for everyone if this bill didn’t pass the Senate,” Ryan said.

U.S. Representative Gwen Moore

Democrats are still fighting. They criticize the income tax cuts as temporary and say adding to the deficit could trigger spending cuts to social programs like Medicare.

“They are going to send poor people into the poor house,” said U.S. Representative Gwen Moore, (D-Milwaukee).

Ryan said he is not concerned about potential hang-ups with changes the Senate may make before it finally votes late Thursday or Friday. He said he still thinks congress can get a bill to the president by the end of the year.