Despite $1 trillion deficits, Trump tax cuts will still 'pay for themselves': MnuchinU.S. Treasury Secretary Steven Mnuchin insisted on Wednesday that President Donald Trump's tax cuts will still pay for themselves over 10 years, even as the administration forecasts near-term deficits close to $1 trillion. Mnuchin told the Senate Finance Committee that the administration was two years into that 10-year period, and higher spending was the source of the deficits, not lower revenues. The Congressional Budget Office predicted in January that U.S. deficits would average $1.3 trillion a year over the next decade, far higher than envisioned in Trump's budget released on Monday.




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