Trump budget bill would increase deficit by $2.4 trillion with 10.9 million more uninsured by 2034, CBO says

Washington — Republicans’ sweeping policy bill aimed at advancing President Trump’s second-term agenda would increase the deficit by $2.4 trillion over the next decade, according to a new estimate prepared by the nonpartisan Congressional Budget Office. 

The CBO also estimates that 10.9 million more people would be without health insurance in 2034 as the result of the House-passed legislation, given changes to Medicaid and the Affordable Care Act under the bill.

House Republicans are aiming to cut at least $1.5 trillion in spending to offset trillions in tax cuts, while also raising the debt ceiling by $4 trillion. The CBO projection puts the spending cuts at about $1.2 trillion over the next decade, with the tax cuts totaling just under $3.7 trillion.

The package, which Mr. Trump and Republican lawmakers refer to as the “big, beautiful bill,” is now in the hands of the Senate after making it out of the House before Memorial Day. The bill is expected to undergo changes in the Senate before heading back to the lower chamber. 

House Republican leadership dismissed the CBO’s findings Wednesday morning, arguing that it ignores economic growth that will stem from their policies. 

“This bill will actually reduce the deficit if you recognize the historical economical growth that has always been there,” House Majority Leader Steve Scalise, a Louisiana Republican, said Wednesday. 

This is a developing story and will be updated.