Congressional Budget Office Analysis: Trump's Tax Cut Bill to Slash Taxes by $3.75 Trillion, Increase Deficits by $2.4 Trillion Over Decade
Congressional Budget Office (CBO) analysis reveals Trump's tax cut bill could leave 10.9 million more uninsured by 2034, including 1.4 million undocumented immigrants enrolled in state programs
Trump's proposed bill achieves nearly $1.3 trillion in federal spending cuts over ten years, according to the Congressional Budget Office (CBO)
Rep. Brendan Boyle, top Democrat on the House Budget Committee, accuses Republicans of hypocrisy, stating they feign concern about the national debt under Democratic administrations but dramatically increase it during their own terms. He calls the latest Republican tax cut bill, which the CBO projects will increase the deficit by $2.4 trillion, a "disgusting abomination
Rep. Brendan Boyle slams Trump's $3.75 trillion tax cut bill, echoing Elon Musk's condemnation as a "disgusting abomination," citing projected deficit increases and healthcare coverage losses
Congressional Budget Office (CBO) Analysis Reveals Trump's Bill Impact: $3.75 Trillion Tax Cut, $2.4 Trillion Deficit Increase. With President Trump pushing for a July 4th deadline, this crucial CBO report, analyzing the massive 1000+-page bill, provides lawmakers and the public with vital insights into its budgetary implications, including projected healthcare impacts
Before the Congressional Budget Office (CBO) released its analysis of President Trump's tax cut bill, the White House and Republican leaders launched a preemptive attack, aiming to discredit the CBO's projected $2.4 trillion deficit increase and 10.9 million increase in uninsured Americans
Congressional Budget Office (CBO) Accuracy Questioned: White House and GOP Dispute Tax Cut Projections. Critics, including White House Press Secretary Karoline Leavitt and Senate Majority Leader John Thune, claim the CBO's past revenue projections have been inaccurate, citing underestimation of Trump's 2017 tax cuts. They point to a $1.5 trillion, or 5.6%, surplus in 2021 receipts, attributed partly to pandemic-era inflation, as evidence of the CBO's flawed methodology
Despite strict ethical guidelines including limitations on political activity and campaign donations, Leavitt alleges CBO employees exhibit bias in their analysis of President Trump's proposed tax cuts
House Majority Leader Steve Scalise challenges economic growth predictions, stating past forecasts have consistently been inaccurate
CBO Accuracy Questioned Amidst Trump Tax Bill Debate: House Majority Leader Steve Scalise raises concerns about the Congressional Budget Office's (CBO) economic growth projections, suggesting its estimations may be flawed and questioning the CBO's reliability in assessing the impact of the proposed $3.75 trillion tax cut
Congressional Budget Office (CBO) analysis reveals President Trump's proposed bill, while delivering $3.75 trillion in tax cuts, could also lead to a significant reduction in SNAP (Supplemental Nutrition Assistance Program) benefits, potentially affecting nearly 4 million Americans monthly
The "One Big Beautiful Bill Act," a top Republican priority, faces a tough battle in Congress. This $3.75 trillion tax cut bill, championed by President Trump, is encountering significant Democratic opposition, despite Republican control of both the House and Senate. The bill's projected impact includes increased deficits and a rise in the uninsured population
Democrats slam Trump's massive tax cut bill, citing projected trillion-dollar deficits and millions losing health insurance
Trump's proposed tax cut package extends 2017 income tax breaks, adds new incentives like tax-free tips, and allocates $350 billion to border security, deportations, and national security. This massive bill, projected to cut taxes by $3.75 trillion while increasing the deficit by $2.4 trillion over ten years, faces intense political scrutiny
To help cover the lost revenue, Republicans want to slash some federal spending. They propose phasing out green energy tax breaks put in place during Democrat Joe Biden’s presidency. New work requirements for some adults up to age 65 on Medicaid and SNAP would begin in December 2026 and are expected to result in less spending on those programs.
The package also would provide a $4 trillion increase to the nation’s debt limit, which is now $36 trillion, to allow more borrowing. The Treasury Department projects the debt limit will need to be raised this summer to pay the nation’s already accrued bills.
Now in its 50th year, the CBO was established by law after Congress sought to assert its control, as outlined in the Constitution, over the budget process, in part by setting up the new office as an alternative to the White House’s Office of Management and Budget.
Staffed by some 275 economists, analysts and other employees, the CBO says it seeks to provide Congress with objective, impartial information about budgetary and economic issues.
Its current director, Phillip Swagel, a former Treasury official in Republican President George W. Bush’s administration, was reappointed to a four-year term in 2023.
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Associated Press writers Kevin Freking and Joey Cappelletti contributed to this report.
Source: Original Article