Top Republican senator says voting for the GOP tax law could be 'one of the worst votes I've made'

 

  • The Congressional Budget Office released a new estimate showing the GOP tax law will add $1.9 trillion to the federal debt over the next 10 years.
  • GOP Sen. Bob Corker, who ultimately voted for the final package despite concerns about the deficit and debt, was not happy to hear this.
  • "If it ends up costing what has been laid out here, it could well be one of the worst votes I've made," Corker said.

GOP Sen. Bob Corker is having second thoughts about his vote on the new tax reform law, now that there's a clearer price tag for the bill.

During a Senate Budget Committee hearing with the Congressional Budget Office, Corker bemoaned the large amount of new federal debt that is projected to pile up due to the new law.

"If it ends up costing what has been laid out here, it could well be one of the worst votes I've made," Corker said.

The CBO projected on Tuesday that the law alone will tally $1.9 trillion in new debt over the next 10 years. That was up from the Joint Committee on Taxation's estimate in December that the bill would cost $1.1 trillion over the decade. The increased debt levels were due to an adjustment in the CBO's formula for economic growth and the increased cost of servicing the new debt.

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Trump vs. Corker: The Twitter battle
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Trump vs. Corker: The Twitter battle
Republican U.S. presidential candidate Donald Trump greets Senator Bob Corker (R-TN) at a campaign rally in Raleigh, North Carolina, U.S., July 5, 2016. REUTERS/Joshua Roberts
It's a shame the White House has become an adult day care center. Someone obviously missed their shift this morning.
Bob Corker gave us the Iran Deal, & that's about it. We need HealthCare, we need Tax Cuts/Reform, we need people that can get the job done!
Senator Bob Corker "begged" me to endorse him for re-election in Tennessee. I said "NO" and he dropped out (said he could not win without...
...Hence, I would fully expect Corker to be a negative voice and stand in the way of our great agenda. Didn't have the guts to run!
..my endorsement). He also wanted to be Secretary of State, I said "NO THANKS." He is also largely responsible for the horrendous Iran Deal!
The Failing @nytimes set Liddle' Bob Corker up by recording his conversation. Was made to sound a fool, and that's what I am dealing with!
Republican U.S. presidential candidate Donald Trump listens as Senator Bob Corker (R-TN) speaks at a campaign rally in Raleigh, North Carolina, U.S., July 5, 2016. REUTERS/Joshua Roberts TPX IMAGES OF THE DAY
UNITED STATES - JULY 5: Republican Presidential candidate Donald Trump, left, and Sen. Bob Corker, R-Tenn., appear on stage during a rally at the Duke Energy Center in Raleigh, N.C., July 5, 2016. (Photo By Tom Williams/CQ Roll Call)
Bob Corker, who helped President O give us the bad Iran Deal & couldn't get elected dog catcher in Tennessee, is now fighting Tax Cuts....
...Corker dropped out of the race in Tennesse when I refused to endorse him, and now is only negative on anything Trump. Look at his record!
Isn't it sad that lightweight Senator Bob Corker, who couldn't get re-elected in the Great State of Tennessee, will now fight Tax Cuts plus!
Same untruths from an utterly untruthful president. #AlertTheDaycareStaff
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Corker originally voted against the tax bill in the Senate and was the only Republican to do so. The Tennessee Republican eventually flipped to a "yes" on the final House-Senate compromise bill.

In addition to bemoaning the tax bill, Corker also slammed the massive omnibus funding bill that passed Congress in March.

"This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and Congresses that we've had," Corker said at the hearing.

A new estimate from the CBO also showed that the US will hit an annual budget deficit of more than $1 trillion starting in 2019.

SEE ALSO: Paul Ryan's retirement means Congress is 'effectively closed for business'

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