According to a new report from the Congressional Budget Office (CBO), the major legislative package backed by President Trump known as the “One Big Beautiful Bill Act” could increase the federal deficit by $2.4 trillion over the next decade. The updated estimate slightly exceeds the CBO’s earlier projection of $2.3 trillion in additional debt tied to a previous version of the bill.
The CBO published its latest projections on Wednesday, just as attention shifts to the Senate, where some Republican lawmakers are raising red flags over rising deficits and proposed changes to Medicaid. According to the CBO’s analysis, nearly 11 million more Americans could be without health insurance by 2034 due to the bill’s healthcare provisions. The legislation proposes $3.7 trillion in tax cuts, paired with $1.2 trillion in spending reductions. However, the CBO has yet to release a full analysis that includes broader economic effects, which will come in a separate report.
The White House defended the bill ahead of the CBO’s announcement; Deputy Chief of Staff Stephen Miller dismissed the CBO as biased, labeling the office “lefty” and praising the measure as a “dream bill.” In addition, Office of Management and Budget Director Russell Vought downplayed the CBO’s findings, arguing that the projected deficit impact was overstated due to what he called the agency’s failure to use a “realistic” current policy baseline. The administration maintains that the CBO ignores the long-term effects of the 2017 tax overhaul in its projections.
During a GOP leadership press conference on Wednesday morning, House Majority Leader Steve Scalise also criticized the CBO’s approach, saying it fails to account for potential economic growth, which it will do in a later, separate estimate. Scalise said: “I get that we got to play by the rules of the referee, but the referee’s been wrong. We’ve got a referee that tries to sack our quarterback a lot.”
The legislation now moves to the Senate, where Republican leaders are aiming to pass a modified version by July 4. However, it remains unclear what changes will be made in the Senate version or how they might impact the bill’s financial outlook. Trump was scheduled to meet with members of the Senate Finance Committee at the White House on Wednesday in a push to get the legislation through the Senate.
Adding to the mounting criticism, Elon Musk—former adviser to Trump and prominent billionaire—lashed out at the bill on Tuesday, calling it a “disgusting abomination” in light of the projected increase in the national debt.
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