Catenaa, Wednesday, June 04, 2025– President Donald Trump’s Big Beautiful Bill will cut taxes by $3.75 trillion and increase the deficit by $2.4 trillion over the next decade, the Congressional Budget Office(CBO) said on Wednesday.
According to the nonpartisan CBO, the number of people without health insurance is projected to increase by 10.9 million under the bill by 2034, including 1.4 million who are in the country without legal status and are eligible for state-funded programs.
The package would reduce federal outlays, or spending, by nearly $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 the 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 preemptive campaign designed to sow doubt in its findings.
Alongside the costs of the bill, the CBO had previously estimated that 8.6 million people would no longer have health care, and 4 million fewer would have food stamps each month due to the legislation’s proposed changes to Medicaid and other 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 projects the debt limit will need to be raised this summer to pay the nation’s already accrued bills.
