A Budget Watchdog Veteran Warns GOP Tax Bill to Hike Deficit

House Republicans are moving quickly to get a massive tax-and-spending package across the finish line before week's end even as they negotiate with party factions over outstanding concerns.

Some Republicans are demanding deeper cuts to social programs like Medicaid to curb deficits as part of the deal and to reduce the package's cost to extend the 2017 tax overhaul. And yet the bill increases the debt limit by $4 trillion and adds billions in spending. Cut out of the process, Democrats oppose the proposal, and even some Republicans have objected to its size and scope.

Regardless of where lawmakers fall on the political spectrum, they all seem to agree on one data source: What the Committee for a Responsible Federal Budget has to say about the package and what it will do to the national deficit, which now stands at over $36 trillion.

On this episode of Talking Tax, Bloomberg Tax reporter Chris Cioffi talks with Maya MacGuineas, longtime president of the nonprofit public policy group, and digs into why the growing debt can be problematic for future economic growth.

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