Trump's tax cuts will only temporarily boost the economy -- and send debt skyrocketing

Chip Somodevilla / Staff The Republican tax planwas announced last week. Credit rating agency Fitch says the bill would only temporarily boost the economy while raising debt levels 120% of GDP. It’s uncertain what if anything in the mix of tax cuts and tax increases being kicked around in Congress will become law. But Fitch Ratings believes that some combination will make it, and that it will sap US government revenues. “Under a realistic scenario of tax cuts and macro conditions,” the US ...