CBO Estimates Budget Bill Would Add $2.4 trillion to Debt over a Decade

The Congressional Budget Office released its analysis of the “One Big Beautiful Bill Act” Donald Trump and Republicans want to enact, which would add $2.4 trillion in deficit spending and balloon national debt over a decade.

CBO was created by Congress in 1974 to “provide objective, nonpartisan information to support the Congressional budget process and to help the Congress make effective budget and economic policy.” It generates cost estimates and reports about the economy and economic issues. Congress sets priorities, but the CBO strives to be objective, impartial, nonpartisan, fair and unbiased. It does not suggest or advise about policies.

According to CBO analysis, if the budget bill becomes law:

• Tax revenues will go down by $3.7 trillion in large part due to extending the Tax Cuts and Jobs Act of 2017 which primarily benefits the wealthiest, and expanded deductions.
• Spending will go down by $1.3 trillion, with cuts heavily hitting Medicaid and SNAP.
• The gap between those two figures is the source of the explosion in national debt.

Multiple Republicans in high positions did interviews on mainstream media flatly declaring obvious falsehoods to head off voter outrage. The most prominent falsehoods were that Medicaid will not be touched, that the only cuts to Medicaid will be to take undocumented immigrants off it (even though they are not on it), and that there will be no $2.4 trillion increase in deficit spending. Trump blasted the CBO, impugning the quality of its work.

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