Will Congress actually take steps to reduce federal spending or try to fob off the tough decisions on the Department of Government Efficiency and the Trump administration? That’s the gist of a wonky debate going on inside the Beltway, and specifically within the corridors of the Capitol, about how to consider the renewal of the 2017 Tax Cuts and Jobs Act (TCJA) provisions that expire at year’s end.
The question is whether Congress, in considering a budget reconciliation bill extending the TCJA, should adopt a “current policy baseline” or a “current law baseline.” The “current law baseline” — the standard way most legislation gets scored — assumes the TCJA provisions expire on Dec. 31 and that extending them will cost upwards of $4 trillion, including interest costs. The “current policy baseline” assumes the TCJA gets extended — on the grounds…
