Retiring Tennessee Sen. Bob Corker (R) said at a Senate Budget Committee hearing on Wednesday that his vote on the GOP tax law could be “one of the worst votes I’ve made” if Congressional Budget Office (CBO) estimates are correct in that it will add $1.9 trillion to deficits over a decade.
“If it ends up costing what has been laid out here, it could well be one of the worst votes I’ve made,” he said.
“I hope that is not the case, I hope there’s other data to assist, whether it’s jobs or growth or whatever,” Corker added.
The Hill added:
The new CBO estimate that the bill would cost $1.9 trillion through 2028 is higher than previous available estimates, largely because it includes the interest costs of servicing the debt, as well as more recent economic data. The Joint Committee on Taxation had estimated the bill would cost roughly $1.1 trillion over a decade at the time Corker cast his vote. Both estimates take into account the effects of economic growth on revenues.
At the hearing, Corker said his best vote was on the Budget Control Act that limited domestic spending. He also slammed a recent bipartisan spending bill that could add an estimated $2 trillion to the deficit over a decade.
“None of us have covered ourselves in glory. This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and congresses that we’ve had,” Corker said.