President Trump’s One Big Beautiful Bill Act will increase the federal deficit by about $2.4 trillion over a 10-year period in its current form, according to a comprehensive analysis released Wednesday by the Congressional Budget Office.
The deficit refers to the gap between federal revenue and spending, essentially the amount of money being added to the national debt, which stands at almost $37 trillion.
Last month, the Committee for a Responsible Federal Budget, an outside nonprofit group, analyzed that the One Big Beautiful Bill Act would add $2.5 trillion to the deficit over a 10-year period, but that impact would jump to $3.1 trillion when factoring in the impact on interest on the debt.
GOP leaders have also frequently griped about the CBO’s track record, pointing to how revenue exceeded estimates for the 2017 Tax Cuts and Jobs Act (a big factor was pandemic-induced inflation).
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Actually, not as bad as I feared, but, still...