{"id":81749,"date":"2025-07-21T22:41:13","date_gmt":"2025-07-21T22:41:13","guid":{"rendered":"https:\/\/www.europesays.com\/us\/81749\/"},"modified":"2025-07-21T22:41:13","modified_gmt":"2025-07-21T22:41:13","slug":"trumps-big-beautiful-bill-will-add-3-4-trillion-to-the-debt-cbo-says","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/81749\/","title":{"rendered":"Trump’s ‘big beautiful bill’ will add $3.4 trillion to the debt, CBO says"},"content":{"rendered":"

WASHINGTON \u2014 President Donald Trump\u2019s \u201cbig, beautiful bill,\u201d which he signed into law this month<\/a>, will add $3.4 trillion to the U.S. national debt over the next decade, according to a report the nonpartisan Congressional Budget Office published<\/a> Monday.<\/p>\n

The report found that the law, which Republicans passed along party lines, will also \u201cincrease by 10 million the number of people without health insurance\u201d by 2034.<\/p>\n

The budget office scrutinized the final version of the bill after Republicans made a series of last-minute changes to cobble together the votes needed in the Senate; it passed 51-50. That revised version subsequently passed the House<\/a> on a vote of 218-214. Trump enacted it on July 4.<\/p>\n

The package <\/a>extends Trump\u2019s 2017 tax cuts while providing tax deductions for tips and overtime pay<\/a> for the next four years. It includes hundreds of billions of dollars in new spending for the military and to carry out Trump\u2019s mass deportation agenda. And it pays for some of that with cuts to Medicaid, SNAP benefits (which help low-income families purchase groceries) and clean energy funding.<\/p>\n

The analysis found that the law\u2019s net spending cuts of $1.1 trillion are outstripped by the $4.5 trillion in decreased revenue, compared with if the measure had not passed.<\/p>\n

Republican leaders said passing the \u201cbig, beautiful bill\u201d was essential to averting a tax hike at the end of this year, when much of Trump\u2019s 2017 tax law was slated to expire.<\/p>\n

Recent surveys show the bill is unpopular with Americans<\/a>. Democrats are leaning heavily into attacks on the bill as a tax cut that disproportionately benefits the wealthy, paid for in part with spending cuts that harm the working class.<\/p>\n

Some Republicans and White House allies, meanwhile, are casting the bill as a tax benefit for \u201cworking families,\u201d<\/a> highlighting the move away from taxes on tips and overtime in particular. House Speaker Mike Johnson, R-La., predicted that voters will \u201creward\u201d Republicans for the bill in the midterm elections.<\/p>\n

\u201cThis is a bill that was written for hardworking Americans, middle- and lower-class earners in particular, and they will feel the effects of that in the economy, and they\u2019ll have higher wages and more opportunity and more economic growth, and that\u2019s a major factor in a midterm election. And the border will be secure. We\u2019ll have American energy dominance going again,\u201d Johnson told NBC News earlier this month after it passed.<\/p>\n

Asked if he has any concerns that it will cost the GOP seats in the 2026 midterm elections, Johnson responded, \u201cNo concerns at all. In fact, it\u2019s going to gain seats for us. We\u2019re that confident.\u201d<\/p>\n

The CBO also found that the law, which includes changes to the Affordable Care Act, will reduce average premiums for the standard \u201cbenchmark\u201d ACA plan by about 0.6% in 2034.<\/p>\n

Senate Minority Leader Chuck Schumer, D-N.Y., said Monday the insurance losses will be even higher after accounting for ACA funding that is slated to expire this year, which was not extended in the mega-bill.<\/p>\n

\u201cThis finalized independent analysis from the CBO confirms it: Republicans\u2019 signature bill is the ultimate betrayal of the American people,\u201d Schumer said, adding that constituents will see that \u201cwhen people lose their jobs, when people\u2019s bills go up, when they\u2019re paying more, when they\u2019re losing their health insurance.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON \u2014 President Donald Trump\u2019s \u201cbig, beautiful bill,\u201d which he signed into law this month, will add $3.4…\n","protected":false},"author":3,"featured_media":81750,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[51,50,52],"class_list":{"0":"post-81749","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-headlines","9":"tag-news","10":"tag-top-stories"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114893638688587391","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/81749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=81749"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/81749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/81750"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=81749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=81749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=81749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}