{"id":5356,"date":"2025-06-30T00:01:36","date_gmt":"2025-06-30T07:01:36","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=5356"},"modified":"2025-06-29T23:56:35","modified_gmt":"2025-06-30T06:56:35","slug":"republican-senate-tax-bill-would-add-3-3-trillion-to-the-us-debt-load-cbo-says","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=5356","title":{"rendered":"Republican Senate tax bill would add $3.3 trillion to the US debt load, CBO says"},"content":{"rendered":"\n

The changes made to President\u00a0Donald Trump\u2019s<\/a>\u00a0big tax bill in the Senate would pile trillions onto the nation\u2019s debt load while resulting in even steeper losses in health care coverage, the nonpartisan\u00a0Congressional Budget Office<\/a>\u00a0said in a new analysis, adding to the challenges for Republicans as they try to muscle the bill to passage.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The CBO estimates<\/a> the Senate bill would increase the deficit by nearly $3.3 trillion from 2025 to 2034, a nearly $1 trillion increase over the House-passed bill, which CBO has projected would add $2.4 to the debt over a decade.<\/p>\n\n\n\n

The analysis also found that 11.8 million more Americans would become uninsured by 2034 if the bill became law, an increase over the scoring for the House-passed version<\/a> of the bill, which predicts 10.9 million more people would be without health coverage<\/a>.<\/p>\n\n\n\n

The stark numbers are yet another obstacle for Republican leaders as they labor to pass Trump\u2019s bill by his self-imposed July 4th deadline.

Even before the CBO\u2019s estimate, Republicans were at odds over the contours of the legislation, with some resisting the cost-saving proposals to reduce spending on\u00a0Medicaid<\/a>\u00a0and food aid programs even as other Republicans say those proposals don\u2019t go far enough. Republicans are slashing the programs as a way to help cover the cost of extending\u00a0some $3.8 trillion in Trump tax breaks<\/a>\u00a0put in place during his first term.

The push-pull was on vivid display Saturday night as a routine procedural vote to take up the legislation in the Senate was held open for hours as Vice President JD Vance<\/a> and Republican leaders met with several holdouts. The bill ultimately advanced in a 51-49 vote, but the path ahead is fraught, with voting on amendments still to come.<\/p>\n\n\n\n

Still, many Republicans are disputing the CBO estimates and the reliability of the office\u2019s work. To hoist the bill to passage, they are using a different budget baseline that assumes the Trump tax cuts expiring in December have already been extended, essentially making them cost-free in the budget.<\/p>\n\n\n\n

The CBO on Saturday released a separate analysis of the GOP\u2019s preferred approach that found the Senate bill would reduce deficits by about $500 billion.<\/p>\n\n\n\n

Democrats and economists decry the GOP\u2019s approach as \u201cmagic math\u201d that obscures the true costs of the GOP tax breaks.<\/p>\n\n\n\n

In addition, Democrats note that under the traditional scoring system, the Republican bill bill would violate the Senate\u2019s \u201cByrd Rule\u201d that forbids the legislation from increasing deficits after 10 years.<\/p>\n\n\n\n

In a Sunday letter to Oregon Sen. Jeff Merkley, the top Democrat on the Senate Budget Committee, CBO Director Phillip Swagel said the office estimates that the Finance Committee\u2019s portion of the bill, also known as Title VII, \u201cincreases the deficits in years after 2034\u201d under traditional scoring.

Reprinted from Associated Press<\/p>\n","protected":false},"excerpt":{"rendered":"

The changes made to President\u00a0Donald Trump\u2019s\u00a0big tax bi […]<\/p>\n","protected":false},"author":3,"featured_media":5357,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[4424,1324,4362],"class_list":["post-5356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sino-american","tag-bill","tag-senate","tag-tax"],"yoast_head":"\nRepublican Senate tax bill would add $3.3 trillion to the US debt load, CBO says - abovecloud<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abovecloud.xyz\/?p=5356\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Republican Senate tax bill would add $3.3 trillion to the US debt load, CBO says - 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