Updated Estimate: Trump Megabill Adds $3.4T To Debt

The New York Times reports:

House Republicans’ sprawling package to cut taxes and slash federal safety-net programs would add about $3.4 trillion to the debt, according to nonpartisan congressional analysts, who reported on Tuesday that the minor gains in economic growth under the bill would not offset its full fiscal impact.

The updated findings from the Congressional Budget Office amounted to yet another dour report card for the president’s signature legislation, which passed the House last month but now faces the prospect of significant revisions to its core components in the Senate.

In its current form, the House Republican bill would extend and expand a set of expiring tax cuts enacted by President Trump during his first term. It would pay for some of those expensive components with deep cuts to federal anti-poverty programs, including Medicaid and food stamps.

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Building on its earlier analyses and those provided by the staff of the Joint Committee on Taxation, CBO published a dynamic estimate of the budgetary effects of H.R. 1, the One Big Beautiful Bill Act. https://t.co/DDl823jICQ

— U.S. CBO (@USCBO) June 17, 2025