June 4 (UPI) — The nonpartisan Congressional Budget Office announced Wednesday that the Trump legislative agenda bill approved by GOP House representatives would tack more than $2.4 trillion to the national debt over a decade.
That comes out to be slightly higher than the CBO’s past projection of $2.3 trillion in new debt.
The CBO, in conjunction with the nonpartisan Joint Committee on Taxation, said that during a 10-year period, the Trump agenda bill would not only decrease revenues by $3.7 trillion, it would cut spending by $1.3 trillion, which would sink the United States over $2.4 trillion deeper in the red.
The $2.4 trillion CBO conclusion is also due in part to revisions made by GOP House leaders to get the Republican member who had held out for either a higher state and local tax, or SALT, deduction, or a provision of a quicker trigger on Medicaid work requirements.
The CBO also noted that the legislation would increase the number of Americans without health insurance by 10.9 million by 2034, lowering gross benchmark premiums by an estimated 12.2%, due to cuts to Medicaid and the Affordable Care Act.
Trump’s bill is now with the Senate, where some Republicans want to make revisions before potentially passing it by July 4, while others have expressed flat-out negative reactions to the bill.
Republican Sen. Rand Paul, R-Ky. posted to X Tuesday that “another $5 trillion in debt is a huge mistake,” while Sen. Ron Johnson, R-Wis., bluntly spoke on CNBC Wednesday, and said “This is immoral what us old farts are doing to our young people. This is grotesque,” and “I won’t vote for it.”
Republicans only hold a three-seat majority in the Senate, where it is unlikely any Democrats will vote in favor of the Trump bill.
