President Trump’s “big, beautiful bill” would add $2.4 trillion to the nation’s deficit over roughly the next decade, a new cost estimate from the Congressional Budget Office (CBO) shows.
The agency estimated the proposed tax cuts in the plan — which seek to lock in expiring provisions in Trump signature 2017 tax law, along with a host of other add-ons — would decrease revenues by more than $3.6 trillion over that time frame.
Meanwhile, accompanying measures to cut federal spending, including reforms to Medicaid and Supplemental Nutrition Assistance Program, would reduce outlays by more than $1.2 trillion over the same period, the CBO estimated.
The CBO also estimated the bill in its current form would “increase by 10.9 million the number of people without health insurance in 2034.”
“That total includes an estimated 1.4 million people without verified citizenship, nationality, or satisfactory immigration status who would no longer be covered in state-only funded programs in 2034,” it continued.
The CBO found the bill would also “lower gross benchmark premiums, on average, in marketplace plans established by the Affordable Care Act by an estimated 12.2 percent in 2034.”
The Senate is expected to make changes to the legislation soon, with hopes of pushing the bill out of Congress by early July.
Reprinted from The Hill
