Trump’s ‘big, beautiful bill’ would increase deficit by $2.4 trillion, says CBO

President Donald Trump’s ‘big, beautiful bill’ with sweeping tax and spending cuts would add $2.4 trillion to the deficit over the next decade, says an analysis by the nonpartisan Congressional Budget Office.

The CBO also found that the legislation would also increase the number of people without health insurance by 10.9 million by 2034 due to historic spending cuts to Medicaid and the Affordable Care Act.

The sweeping Republican bill for President Trump’s domestic agenda would add $2.4 trillion to the national debt over the next 10 years, it said.

The estimate factors in all last-minute revisions GOP leaders made to placate holdouts before the House passed the legislation last month. The changes include a higher state and local tax (SALT) deduction.

Overall, CBO and the Joint Committee on Taxation found that over a 10-year period, the bill would decrease revenues by $3.7 trillion, while cutting net spending by $1.3 trillion, leading to a $2.4 trillion shortfall.

The CBO estimates contradict the claims by the White House and GOP leaders that the bill won’t worsen the national debt.

The CBO figures endorse the criticism of the bill by Trump’s billionaire former adviser Elon Musk, who denounced the bill as a “disgusting abomination”.

In a post on X, Musk said, “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.”

In a later X post, he added, “Interest payments already consume 25% of all government revenue. If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing.”

The legislation is now in the hands of the Senate, where top Republicans want to pass a revised version by July 4.

The CBO analysis also adds fuel to Democrats’ and budget watchdogs’ claims that the package would worsen the nation’s fiscal outlook while providing big tax cuts for the wealthy.

“It’s shocking House Republicans rushed to vote on this bill without an accounting from CBO on the millions of people who will lose their health care or the trillions of dollars it would add to the national debt,” Rep. Frank Pallone Jr., the top Democrat on the House Energy and Commerce Committee, said in a statement.

“The truth is Republican leaders raced to pass this bill under cover of night because they didn’t want the American people or even their own members to know about its catastrophic consequences.”