The latest version of U.S. President Donald Trump's major tax-cut and spending bill would add over 3 trillion U.S. dollars to debt in ten years, according to the U.S. Congressional Budget Office (CBO) on Sunday.
Dubbed the "One Big Beautiful Bill Act," the bill cleared a 51-49 procedural vote in the U.S. Senate late Saturday night, setting the stage for the debate.
In their latest analysis, the CBO noted that the latest Senate version of the massive tax-cut and spending bill would add nearly 3.3 trillion U.S. dollars to the U.S. debt over the next decade, about 1 trillion more than the version passed by the House of Representatives last month.
Republicans have opposed the CBO's analysis with findings of the White House Council of Economic Advisers published last Wednesday, arguing that the bill, along with other Trump administration policies, would stimulate economic growth and help reduce the national debt.
The bill is a core agenda for the Trump administration, encompassing a range of policies including taxation, border control, and artificial intelligence. It aims to extend the 2017 tax cuts, cut other taxes and boost military and border security spending, while offsetting revenue losses through deep cuts to Medicaid, food stamps, renewable energy and other social welfare programs.
Trump's tax, spending cut bill to add over 3 trln USD to debt: CBO
