With Congress wrestling over a tax reform plan that critics say would explode the government budget deficit, Federal Reserve Chair Janet Yellen said she also is concerned over the surging level of public debt.
A Senate committee passed the GOP-sponsored proposal, which would slash the corporate tax rate and lower individual income rates for many Americans.
However, the price tag of the plan is in the area of $1.5 trillion at a time when the Congressional Budget Official already is projecting a deficit of more than $1 trillion in the years ahead and with the total debt level at $20.6 trillion and rising. Of that total, $14.9 trillion is owed by the public.
The Reopen America Back to School Special is now live! Earn double Patriot Points on our hottest items!