CBO says GOP tax plan would increase deficit by $1.7 trillion

The GOP's new tax plan received some startling feedback. According to the Congressional Budget Office and Joint Committee on Taxation, the plan would add $1.7 trillion to federal deficits over the next 10 years. Republicans expected the bill to only increase the deficit by $1.4 trillion. The House hopes to pass its bill as early as next week, while the Senate plans to release its own proposal likely to contain some differences.