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Trump tax bill would widen deficits by $2.8T after factoring in economic impacts, CBO says
- On Tuesday, the nonpartisan Congressional Budget Office published an analysis showing that after accounting for economic impacts, President Trump's tax cuts and spending plan is projected to add $2.8 trillion to the federal deficit over the coming ten years.
- This analysis followed the House narrowly passing its version of the bill in May, with the Senate now revising the proposal and Trump pushing Congress to finalize the measure by July 4.
- The bill would increase interest payments on federal debt by $441 billion and boost interest rates, while also expanding Medicaid work requirements and providing larger tax deductions for some seniors.
- Marc Goldwein said on Tuesday, "It's not only not paying for all of itself, it's not paying for any of itself," and Senator Merkley added, "The proof is in the numbers."
- The bill's projected deficit increase and changes to health coverage sparked criticism from Democrats and some Republicans, implying broader debate over fiscal responsibility and social impact ahead.
97 Articles
97 Articles
When Elon Musk calls the U.S. government's tax plans "abominable" at the beginning of the month, a mudfight between him and President Trump sparks. Tesla's chief predicts a gigantic budget deficit should the law be implemented. A study now sees it exactly that way.
Great-grandson of Henry Ford warns Trump tariffs, tax bill could hurt American automakers
William Ford Jr., the current executive chairman of Ford Motor Company and great-grandson of Henry Ford, says President Trump’s threat of tariffs is weighing heavily on the company. He spoke with NBC News’ Tom Costello about impact of tariffs and the first Ford ever made, which he still has more than 100 years later.
Trump's tax, budget bill to add 2.8 trln USD to deficit: CBO
WASHINGTON, June 17 (Xinhua) -- U.S. President Donald Trump's tax and budget bill will increase the deficit by 2.8 trillion U.S. dollars over the next decade, according to a report released Tuesday by the U.S. nonpartisan Congressional Budget Office (CBO).
House-passed Trump bill would add trillions to debt even when accounting for growth: CBO
The House-passed version of President Trump's tax cut and domestic policy bill would add $3.3 trillion to the national debt, even when accounting for its impact on economic growth, according to an analysis released Tuesday by the Congressional Budget Office (CBO).
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