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House GOP tax plan will add $1.7 trillion to deficit over decade, CBO estimates

The federal deficit would grow by $1.7 trillion under the House Republican tax plan, according to a nonpartisan analysis released Wednesday, raising fresh concerns for passage because budget rules in the Senate don't allow for so much red ink.

The assessment from the Congressional Budget Office comes as Republicans are muscling the bill for a vote in the House as soon as next week.

House GOP officials had no immediate comment.

Republicans in Congress are relying on special budget rules to avoid a Senate filibuster and allow for simple majority passage. But under those rules, the deficit may not rise more than $1.5 trillion by 2027.

Senate Republicans are taking a different approach ahead of their rollout of legislation Thursday. 

But one Republican idea for lowering the deficit -- repealing portions of the Affordable Care Act -- also ran into problems Wednesday when CBO estimated it would produce $338 billion in savings, less than the $416 billion earlier projected.

House and Senate Republicans want a bill that meets President Trump's priorities of lowering corporate rates to 20% and reducing taxes for middle-class Americans, though critics say the bill is more heavily tilted in favor of corporations and the wealthy.

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