Here are five things to know:
1. The House Republican tax bill, the Tax Cuts and Jobs Act, would add a prorated $150 billion to the federal deficit yearly for a decade.
2. Because of this boost to the deficit, federal programs like Medicare would experience cuts.
3. The Statutory Pay-As-You-Go Act of 2010 will require the White House Office of Management and Budget to push $136 billion worth of sequestration cuts in 2018, if Congress doesn’t “offset the deficit increase,” Medscape reports.
4. PAYGO sequestration will limit Medicare payments to providers by 4 percent at the most.
5. House Republicans have noted tax cuts would boost the economy, thus ultimately boosting tax revenue in the long run.
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