Chicago – June 04, 2025
The Congressional Budget Office (CBO) on Wednesday projected that President Donald Trump’s tax and spending bill would add approximately $2.4 trillion to the U.S. national debt, currently at $36.2 trillion. This estimate follows criticism from key figures, including Elon Musk, who called the bill a “disgusting abomination,” reinforcing concerns from deficit-conscious Republicans.
The CBO’s previous forecast, released before the House passed the bill, anticipated a $3.8 trillion increase in deficits over a decade, partially offset by cost-saving measures in the legislation. The revised estimate shows the bill would cut federal revenue by $3.67 trillion while reducing spending by $1.25 trillion.
The bill also projects a rise in the number of uninsured Americans, with an estimated 10.9 million people losing coverage by 2034, including 1.4 million undocumented immigrants excluded from state-funded programs.
Key provisions of the bill extend tax cuts from Trump’s 2017 tax overhaul, reduce green energy incentives from the Biden administration, and tighten eligibility for health and food assistance programs. It also funds an immigration crackdown, expanding border security and deportation capacity, while loosening firearm silencer regulations. Democrats criticize the bill as favoring the wealthy and undermining support for working Americans. The measure is now pending Senate approval.
