Core Viewpoint - Lawmakers in Washington are advancing a large-scale tax cut plan, which poses a risk of a "fiscal disaster" if the economy enters a recession [1] Economic Impact - The current deficit is 6.4% of GDP, equating to $2.4 trillion. In the event of a recession, this figure could balloon to $4 trillion [1] - The cost assessment of the current Republican tax cut proposal is based on the assumption of continued economic growth [1] Historical Context - In the past five to six economic recessions, budget deficits have significantly worsened due to declining tax revenues and increased government spending [1]