CBO Trims Impact of Trump's Tax Bill: A Closer Look at Deficit and Policy Shifts
The CBO has reduced its estimate of how much Trump's tax-cut and spending bill will add to the national debt, now estimated at $2.4 trillion. This follows fresh criticism and reinforces Republican concerns. The bill impacts government revenues, healthcare coverage, and other areas, with future Senate actions pending.
The Congressional Budget Office has updated its projections for the financial impact of President Donald Trump's tax-cut and spending bill. Initially expected to increase the national debt by $3.8 trillion, the estimate now stands at $2.4 trillion. This revision comes amid criticism from key figures like Elon Musk.
The House-passed bill forecasts a reduction in federal revenues by $3.67 trillion over a decade while decreasing spending by $1.25 trillion. A significant policy change could leave 10.9 million Americans without health insurance by 2034, including 1.4 million undocumented immigrants lacking state-funded programs.
Republicans argue that continuing tax cuts will boost economic growth, despite CBO estimates suggesting a $1.9 trillion deficit increase over a decade. The bill extends Trump's 2017 tax cuts, targets Biden-era green-energy incentives, tightens aid eligibility, and affects immigration and firearm regulations. The Senate now faces pressure to amend these proposals.
(With inputs from agencies.)
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