President Donald Trump‘s One Big Beautiful Bill will add $2.4 trillion to the U.S. federal debt pile, according to the Congressional Budget Office (CBO).
This figure is the CBO’s estimated net effect of the House bill on the deficit for 2025 to 2034, according to an analysis published Wednesday. It also said the bill cuts taxes by $3.75 trillion.
Why It Matters
The sprawling bill, which squeaked through the House, is headed to the Senate, where a number of Republicans are sounding the alarm over its impact on federal debt.
It is the centerpiece of Trump’s domestic agenda, and includes wide-ranging tax cuts, and extra money for the military and border security.
What To Know
Sen. Rand Paul, a libertarian Republican from Kentucky, said he and four others in the Senate GOP are opposed to the bill in its current form because it grows the debt pile.
“I want to see the tax cuts made permanent, but I also want to see the $5 trillion in new debt removed from the bill,” Paul posted to X, formerly Twitter.
Paul said he can support the bill if an increase to the debt ceiling—a limit on the amount the federal government can borrow—is removed.
U.S. President Donald Trump holds an umbrella as he exits Air Force One upon arrival at Allegheny County Airport in West Mifflin, Pennsylvania, May 30, 2025.
U.S. President Donald Trump holds an umbrella as he exits Air Force One upon arrival at Allegheny County Airport in West Mifflin, Pennsylvania, May 30, 2025.
SAUL LOEB/AFP via Getty Images
Trump and his allies argue that the CBO’s calculations do not properly reflect the economic impact of the tax cuts, which they say will fuel economic growth that ultimately shrinks the deficit rather than expands it.
They say the bill actually cuts federal spending by around $1.6 trillion.
“Of course, honestly accounted, extending current tax rates has zero deficit impact which is why the bill, because of its spending cuts, reduces the deficit,” said Stephen Miller, a White House deputy chief of staff, in a post on X.
What People Are Saying
Elon Musk, former White House adviser on federal spending cuts, on X: “Interest payments already consume 25% of all government revenue. If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing.”
Senator Ted Cruz (R-TX) told Fox News at the end of May: “We will get it done. Now, it’s going to be bumpy, it’s going to be messy. But we will get it done because it is the main vehicle for us to deliver on the mandate from the voters.”
Sen. Elizabeth Warren (D-MA) said in a statement: “The Congressional Budget Office just confirmed that Donald Trump’s Big Beautiful Bill is, in Elon Musk‘s words, a ‘disgusting abomination.’ This independent analysis blows a hole through Congressional Republicans’ lies—this bill will rip health care away from millions of people and still jack up the debt to fund trillions in tax breaks for billionaires and billionaire corporations.”
Senator Chuck Schumer (D-NY) on X: “For years, Republicans screamed about fiscal responsibility. Now? Republicans are backing a bill that could add over $50 TRILLION to the national debt over 30 years.”
What’s Next
The bill will now be debated and refined in the Senate, as it was in the House, with as many as five Republicans unhappy with the legislation in its current form.
Update, 6/4/25, 1:15 p.m. ET: A comment by Elizabeth Warren was added, and additional information.