Close Menu
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Facebook X (Twitter) Instagram
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Newsletter
Truth Republican
You are at:Home»Business»Trump spending bill to cut taxes by $3.7T, add $2.4T to deficit, CBO says
Business

Trump spending bill to cut taxes by $3.7T, add $2.4T to deficit, CBO says

Buddy DoyleBy Buddy DoyleJune 4, 2025No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
Trump spending bill to cut taxes by .7T, add .4T to deficit, CBO says
Share
Facebook Twitter LinkedIn Pinterest Email

President Donald Trump’s “Big, Beautiful Bill” would cut taxes by $3.7 trillion while adding $2.4 trillion to the national debt, the Congressional Budget Office (CBO) says.

The CBO released its report on Trump’s bill on Wednesday. The report also estimates that it would create an additional 10.9 million people without health insurance under the bill, including 1.4 million who are in the country without legal status in state-funded programs.

CBO’s analysis of the House-passed version of the bill shows a larger deficit impact than the version that House Republicans initially brought to the floor, which was estimated to raise deficits by a net $2.3 trillion over a decade. 

ELON MUSK SLAMS GOP TAX BILL OVER DEFICIT IMPACT: ‘DISGUSTING ABOMINATION’

One of the notable changes in the tax cut package was a higher cap on the state and local tax (SALT) deduction, which the GOP increased to help secure the bill’s passage in the narrowly divided House. With the revision, the federal government is projected to bring in about $128 billion less revenue over 10 years than the original bill, contributing to wider budget deficits.

Reforms to Medicaid and other healthcare programs are estimated to reduce spending by an additional $97 billion over a decade in the House-passed bill when compared with the chamber’s initial proposal, bringing the total to nearly $1.1 trillion.

The Trump administration and congressional Republicans have criticized the CBO’s analysis, arguing that the budget watchdog underestimated the growth in federal tax receipts spurred by greater economic activity as a result of the Tax Cuts and Jobs Act that passed in 2017.

The House passed the One Big Beautiful Bill Act on May 22 on a narrow 215-214 vote that went largely along party-lines. Just two GOP members voted against the bill, citing concerns about spending and deficits.

Congress Capitol Dome

That sent the bill to the Senate, which is considering revisions to the bill ahead of a potential vote in the weeks ahead.

Republicans hold a narrow 53-47 majority in the upper chamber, which could present challenges in approving the bill. Several Republican lawmakers, including Sens. Rand Paul, R-Ky., and Ron Johnson, R-Wis., have expressed opposition to the bill due to their concerns about its impact on the national debt.

If the House-passed version of the bill is revised by the Senate, the bill will have to go back to the House for another vote before it can go to the president’s desk and become law. 

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleFederal judge delivers one-two punch to Trump in Abrego Garcia case
Next Article Mortar Grenades: How Two Medals of Honor Altered “Saving Private Ryan”

Related Articles

House Democrats target GOP over price of groceries ahead of July 4th holiday

House Democrats target GOP over price of groceries ahead of July 4th holiday

July 1, 2025
The American dream slips further away as younger adults retreat to parents’ homes

The American dream slips further away as younger adults retreat to parents’ homes

July 1, 2025
Amazon Prime members brace for sticker shock as analysts predict imminent price hike

Amazon Prime members brace for sticker shock as analysts predict imminent price hike

July 1, 2025
Social Security insolvency could speed up with illegal immigration crackdown

Social Security insolvency could speed up with illegal immigration crackdown

July 1, 2025
Chilling clues in Amazon reviews: Fox Nation probes serial killer’s sinister trail

Chilling clues in Amazon reviews: Fox Nation probes serial killer’s sinister trail

July 1, 2025
Canada rescinds digital services tax for the US: What is it and why did Trump want it gone?

Canada rescinds digital services tax for the US: What is it and why did Trump want it gone?

July 1, 2025
Lottery company sent inaccurate notifications of massive winnings to ‘thousands’

Lottery company sent inaccurate notifications of massive winnings to ‘thousands’

July 1, 2025
Nvidia insiders dump more than  billion in stock: report

Nvidia insiders dump more than $1 billion in stock: report

July 1, 2025
WWE Night of Champions in Saudi Arabia hits viewership milestone

WWE Night of Champions in Saudi Arabia hits viewership milestone

June 30, 2025
Don't Miss
House Democrats target GOP over price of groceries ahead of July 4th holiday

House Democrats target GOP over price of groceries ahead of July 4th holiday

Trump says DOGE ‘monster’ may have to ‘eat Elon’ as Musk vows primary ads for lawmakers who cross him on BBB

Trump says DOGE ‘monster’ may have to ‘eat Elon’ as Musk vows primary ads for lawmakers who cross him on BBB

Fox News host Kayleigh McEnany gives birth to third child, shares biblical message of celebration

Fox News host Kayleigh McEnany gives birth to third child, shares biblical message of celebration

TOP 10 BEST 5.11 TACTICAL KNIVES YOU MUST HAVE

TOP 10 BEST 5.11 TACTICAL KNIVES YOU MUST HAVE

Latest News
The American dream slips further away as younger adults retreat to parents’ homes

The American dream slips further away as younger adults retreat to parents’ homes

July 1, 2025
Gut microbes could be key to fighting toxic, long-lasting ‘forever chemicals,’ research says

Gut microbes could be key to fighting toxic, long-lasting ‘forever chemicals,’ research says

July 1, 2025
Trump slams ‘total nut job’ Mamdani for not condemning ‘globalize the intifada’ phrase

Trump slams ‘total nut job’ Mamdani for not condemning ‘globalize the intifada’ phrase

July 1, 2025
This breakfast mistake makes people reach for sugary snacks in the afternoon

This breakfast mistake makes people reach for sugary snacks in the afternoon

July 1, 2025
Top 5 Best Plate Carrier & Chest Rigs 2021

Top 5 Best Plate Carrier & Chest Rigs 2021

July 1, 2025
Copyright © 2025. Truth Republican. All rights reserved.
  • Privacy Policy
  • Terms of use
  • Contact

Type above and press Enter to search. Press Esc to cancel.