Part 3/7:
Experts from the Committee for a Responsible Federal Budget have highlighted that if these temporary tax cuts were to be extended, the overall debt could skyrocket to approximately $5.2 trillion over the next decade. Penn Wharton Analysis has taken a deeper dive into the tax aspects alone, suggesting that such extensions could add as much as $5.8 trillion to the debt. Kent Smetters, a professor at Wharton, pointed out that removing tax cuts once enacted is notoriously challenging, echoing the sentiments of many fiscal conservatives who are raising red flags at the bill’s financial repercussions.