White House economists on Wednesday released a report asserting that the tax and domestic policy bill being debated by the Senate would improve the economy by reducing the national debt.

The White House Council of Economic Advisers found in its report that the wide-ranging budget reconciliation bill, which passed the House last month but has yet to have a vote in the Senate, would reduce the deficit by $8.5 trillion over the next 10 years, bringing it down to $11.1 trillion. It would also expand the economy by 0.3% and would boost corporate investment by almost 3%, after inflation is taken into account.

The CEA also found that the bill would lower the nation’s debt-to-gross domestic product ratio from 98% to 94% over the next 10 years, a sharp contrast from the Congressional Budget Office, which estimates the legislation would increase that ratio to over 115%.

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