Pence acknowledges tax plan could raise deficit
WASHINGTON - Vice President Mike Pence is acknowledging the Trump administration's proposal to cut taxes could increase the deficit initially. But he contends it will pay for itself eventually after spurring more economic growth.
When asked about the likelihood of a higher deficit, Pence told NBC's "Meet the Press": "Maybe in the short term."
Pence touted the Trump plan as "one of the largest tax cuts in American history." He says it's needed to get the economy growing at 3 percent and to pay for rising costs of programs such as Social Security and Medicare.
The one-page plan calls for massive tax cuts for businesses and a bigger standard tax deduction for middle-income families. Budget estimates have cast doubt that it would bring enough growth to be self-paying.
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