Trump tax bill would add $2.4 trillion to deficits: CBO

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Trump tax bill would add $2.4 trillion to deficits: CBO

President Trump’s “big, beautiful bill” would add $2.4 trillion to the nation’s deficit over roughly the next decade, a new cost estimate from the Congressional Budget Office (CBO) shows.

© The Associated Press

The agency estimated the proposed tax cuts in the plan — which seek to lock in expiring provisions in Trump signature 2017 tax law, along with a host of other add-ons — would decrease revenues by more than $3.6 trillion over that time frame.

Meanwhile, accompanying measures to cut federal spending, including reforms to Medicaid and Supplemental Nutrition Assistance Program, would reduce outlays by more than $1.2 trillion over the same period, the CBO estimated.

The CBO also estimated the bill in its current