With inflation running hot and the economy cooling, West Virginia Senator Joe Manchin needs no more reason to oppose a big tax hike and spending bill. But the Congressional Budget Office gave it one anyway, with its updated budget outlook even grimmer than its forecast from last summer.
The good news: tax revenues are booming. CBO forecasts that revenues will grow to 19.6% of GDP this year, the highest since 2000, and will average 18.1% of the economy over the next decade. Higher tax revenues will reduce the deficit by $2.1 trillion over 10 years. We don’t need to raise taxes to reduce the deficit.
https://www.wsj.com/articles/budget-warning-for-joe-manchin-cbo-outlook-deficit-spending-congress-biden-11653600767 A Federal Budget Warning for Joe Manchin