Former Treasury Secretary Warns U.S. Facing 'Most Serious' Budget Deficit in History
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Former Treasury Secretary Larry Summers believes the current U.S. budget deficit is more serious than ever before in history.
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Summers says the deficit came in at $1.7 trillion in 2023, or 5.3% of GDP, well above the historical average.
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Summers criticized a House GOP proposal to cut $14.3 billion from the IRS budget to pay for aid to Israel, saying it would add $30 billion to the deficit.
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Summers supports increased IRS enforcement to collect more of the taxes already owed under current law.
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The Inflation Reduction Act provided $80 billion to the IRS over 10 years, estimated to raise revenues by $200 billion.