UP co-founder Larry Kudlow has recalculated the borrowing impact of the Trump Tax Bill. He’s reached the opposite conclusion of the CBO – whose wild score of $2.4 trillion added to the deficit was screamed across the TV and newspapers headlines last week.

Here’s a typical headline:

But when using a current budget/tax policy baseline (in other words, averting a $4 trillion tax increase), the revenues from the 10% tariff, and taking into account the positive economic impact of the lower tax rates and other pro-growth policies in the bill, here’s a more sensible forecast using real-world scoring: