Trump's big bill will cut taxes by $3.7T and add $2.4T to deficit, budget office says

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Source: AP

Updated 10:32 AM EDT, June 4, 2025


WASHINGTON (AP) — President Donald Trump’s big bill making its way through Congress will cut taxes by $3.7 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office.

The CBO also estimates an increase of 10.9 million people without health insurance under the bill, including 1.4 million who are in the country without legal status in state-funded programs. The package would reduce federal outlays, or spending, by $1.3 trillion over that period, the budget office said.

The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by Fourth of July. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page plus package.

Ahead of CBO’s release, the White House and Republican leaders criticized the budget office in a pre-emptive campaign designed to sow doubt in its findings.

Read more: https://apnews.com/article/cbo-deficits-tax-cuts-trumps-big-beautiful-bill-64d7de49aef62ba07b7f6f45c1ca73d1