Budget Bombshell: CBO's Revised Impact of Trump's Tax-Cut Bill
The Congressional Budget Office released an updated projection, determining that President Trump's tax-cut bill will increase the U.S. debt by $2.4 trillion. The report arrives amid criticism from Elon Musk and highlights a reduction from a prior $3.8 trillion estimate. The bill awaits Senate action.
The nonpartisan Congressional Budget Office (CBO) released its revised estimate concerning the fiscal ramifications of President Donald Trump's tax-cut bill, predicting an increase of $2.4 trillion in the federal debt. This recalibrated figure follows criticism of the bill, characterized by Elon Musk as a 'disgusting abomination'.
The new estimate, issued just a day after Musk's outspoken criticism, lends credence to Republican deficit hawks opposing the legislation. The bill, passed by the U.S. House of Representatives on May 22 without Democratic backing, was estimated by the CBO to previously add $3.8 trillion to the national debt over ten years.
Currently awaiting Senate deliberation, the bill seeks to prolong the tax cuts established in 2017, alongside significant spending cuts, particularly targeting healthcare programs for low-income groups. The CBO's recent calculations incorporate last-minute amendments that facilitated the bill's House passage.
(With inputs from agencies.)
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