CBO says Trump’s Big Beautiful bill adds $2.4 trillion to debt – GOP calls it a coordinated attack
The post CBO says Trump’s Big Beautiful bill adds $2.4 trillion to debt – GOP calls it a coordinated attack appeared on BitcoinEthereumNews.com.
The Congressional Budget Office (CBO) said on Wednesday that Trump’s “One Big Beautiful Bill” would increase the US federal deficit by $2.4 trillion over ten years. The proposal, a centerpiece of his domestic agenda, includes over $3.7 trillion in tax cuts and $1.3 trillion in spending reductions, but the math isn’t lining up. The nonpartisan budget office projects that millions of Americans will lose health coverage under the plan, while the Republican leadership is brushing off the warnings and pressing forward. Trump met with Republican senators for over an hour at the White House the same day the report came out. The session was described as a serious policy talk, but Senate Majority Leader John Thune offered little substance afterward. “We’re committed to making a law that will make the lives of the American people better,” John said. He added that they’d “get this done one way or another,” ignoring the deficit warnings entirely. Democrats attack cost and health care fallout The Democratic Party went after the bill immediately. House Budget Committee ranking member Brendan Boyle used the words of Elon Musk, a former Trump ally, calling the proposal a “disgusting abomination.” The bill would bring back the 2017 tax breaks, keep them going for another decade, and add new ones — like zero taxes on tipped income, which Trump promoted during his campaign. But the tax cuts alone would slash revenue by trillions. To offset part of that loss, the bill would gut federal spending — especially on Medicaid and food programs. The CBO says the Medicaid changes alone would leave 7.8 million people without coverage, with 5.2 million of them dropped because of new work requirements targeting nondisabled adults under 65. Exceptions are vague. Another 1.4 million undocumented individuals in state-run health programs would be removed as well.…
