NewsFinale
  • Home
  • News
  • Local News
  • Business
  • Health
  • Finance
  • Celeb Lifestyle
  • Crime
  • Entertainment
  • Advertise Here
Gleammour AquaFresh
NewsFinale
  • Home
  • News
  • Local News
  • Business
  • Health
  • Finance
  • Celeb Lifestyle
  • Crime
  • Entertainment
  • Advertise Here
Home Local News CBO reports Republican Senate tax bill could increase US debt by $3.3 trillion

CBO reports Republican Senate tax bill could increase US debt by $3.3 trillion

Republican Senate tax bill would add $3.3 trillion to the US debt load, CBO says
Up next
Democrats accuse GOP of nuking Senate rules to pass Trump megabill
Democrats allege that GOP changed Senate rules drastically to push through Trump’s significant legislation
Published on 29 June 2025
Author
NewsFinale Journal
Share and Follow
FacebookXRedditPinterestWhatsApp


WASHINGTON – The changes made to President Donald Trump’s big tax bill in the Senate would pile trillions onto the nation’s debt load while resulting in even steeper losses in health care coverage, the nonpartisan Congressional Budget Office said in a new analysis, adding to the challenges for Republicans as they try to muscle the bill to passage.

The CBO estimates the Senate bill would increase the deficit by nearly $3.3 trillion from 2025 to 2034, a nearly $1 trillion increase over the House-passed bill, which CBO has projected would add $2.4 to the debt over a decade.

The analysis also found that 11.8 million more Americans would become uninsured by 2034 if the bill became law, an increase over the scoring for the House-passed version of the bill, which predicts 10.9 million more people would be without health coverage.

The stark numbers are yet another obstacle for Republican leaders as they labor to pass Trump’s bill by his self-imposed July 4th deadline.

Even before the CBO’s estimate, Republicans were at odds over the contours of the legislation, with some resisting the cost-saving proposals to reduce spending on Medicaid and food aid programs even as other Republicans say those proposals don’t go far enough. Republicans are slashing the programs as a way to help cover the cost of extending some $3.8 trillion in Trump tax breaks put in place during his first term.

The push-pull was on vivid display Saturday night as a routine procedural vote to take up the legislation in the Senate was held open for hours as Vice President JD Vance and Republican leaders met with several holdouts. The bill ultimately advanced in a 51-49 vote, but the path ahead is fraught, with voting on amendments still to come.

Still, many Republicans are disputing the CBO estimates and the reliability of the office’s work. To hoist the bill to passage, they are using a different budget baseline that assumes the Trump tax cuts expiring in December have already been extended, essentially making them cost-free in the budget.

The CBO on Saturday released a separate analysis of the GOP’s preferred approach that found the Senate bill would reduce deficits by about $500 billion.

Democrats and economists decry the GOP’s approach as “magic math” that obscures the true costs of the GOP tax breaks.

In addition, Democrats note that under the traditional scoring system, the Republican bill bill would violate the Senate’s “Byrd Rule” that forbids the legislation from increasing deficits after 10 years.

In a Sunday letter to Oregon Sen. Jeff Merkley, the top Democrat on the Senate Budget Committee, CBO Director Phillip Swagel said the office estimates that the Finance Committee’s portion of the bill, also known as Title VII, “increases the deficits in years after 2034” under traditional scoring.

Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Share and Follow
FacebookXRedditPinterestWhatsApp
You May Also Like
One dead, Fire Chief injured after Milford house fire
  • Local News

Decatur Police Request Public’s Help Following Weekend Gunfire Incident

In the early hours of Saturday, shortly after midnight, Decatur Police Department…
  • NewsFinale Journal
  • December 28, 2025
Kyrgios beats Sabalenka in latest 'Battle of the Sexes' in tennis
  • Local News

Kyrgios Triumphs Over Sabalenka in Thrilling ‘Battle of the Sexes’ Tennis Showdown

DUBAI – Nick Kyrgios emerged victorious in a spirited “Battle of the…
  • NewsFinale Journal
  • December 28, 2025
Brigitte Bardot, 1960s sultry sex symbol turned militant animal rights activist dies at 91
  • Local News

Iconic 1960s Star and Passionate Animal Rights Advocate Brigitte Bardot Passes Away at 91

PARIS – Brigitte Bardot, the iconic French actress and 1960s sex symbol,…
  • NewsFinale Journal
  • December 28, 2025
Richmond County investigates bone discovery by citizen
  • Local News

Richmond County Launches Investigation Following Citizen’s Discovery of Human Remains

by: Bebee S. Ledger Posted: Dec 28, 2025 / 05:32 PM EST…
  • NewsFinale Journal
  • December 29, 2025
Donations increase after Christmas as Lowcountry nonprofits see continued need
  • Local News

Post-Christmas Surge in Donations Supports Ongoing Demand at Lowcountry Nonprofits

SUMMERVILLE, S.C. (WCBD) — The post-Christmas period traditionally marks a time of…
  • NewsFinale Journal
  • December 28, 2025
Three charged in Augusta Family Dollar robbery update
  • Local News

Augusta Family Dollar Heist: Trio Faces Charges in Latest Robbery Update

AUGUSTA, Ga – The Richmond County Sheriff’s Office swiftly responded to an…
  • NewsFinale Journal
  • December 29, 2025
UPDATE: ECHL and players association reach tentative agreement to resume hockey play
  • Local News

ECHL and Players Association Achieve Tentative Agreement to Restart Hockey Season

SAVANNAH, Ga () – After a brief hiatus due to a players’…
  • NewsFinale Journal
  • December 28, 2025
Sunday afternoon tornadoes sweep through Macon Co., damage estimate still pending
  • Local News

Devastating Tornadoes Strike Macon County: Sunday Afternoon Storm Leaves Path of Destruction, Damage Assessment Underway

MACON COUNTY, Ill. (WCIA) — On Sunday afternoon, two tornadoes made landfall…
  • NewsFinale Journal
  • December 29, 2025

Industry Experts Advocate for Enhanced Safety Measures for E-Bikes and E-Scooters

Queensland Police have issued more than 2,100 fines to e-mobility device users…
  • NewsFinale Journal
  • December 29, 2025
Tropical Cyclone Hayley could intensify into a category two storm as early as this afternoon.
  • AU

Urgent Alert: Cyclone Brewing Off WA Coast, Residents Brace for 140km/h Winds

Tropical Cyclone Hayley, currently classified as a Category 1 storm, is intensifying…
  • NewsFinale Journal
  • December 29, 2025
RHOP’s Keiarna Stewart Claps Back at Wendy Over Comment About Angel’s Lifestyle, Addresses BravoCon Run-In With Chanel Ayan, and Shades Stacey as “Performative”
  • Celeb Lifestyle

RHOP Drama Unfolds: Keiarna Stewart Responds to Wendy’s Remarks on Angel’s Lifestyle

The Real Housewives of Potomac personality Keiarna Stewart is stepping up to…
  • NewsFinale Journal
  • December 29, 2025
This photo provided by the Hawaii Department of Law Enforcement shows seized illegal fireworks stored in a bunker in Waipahu, Hawaii, on Tuesday, Dec. 23, 2025. (Hawaii Department of Law Enforcement via AP)
  • US

Hawaii Cracks Down: New Laws Target Illegal Fireworks After Tragic New Year’s Eve Incident

HONOLULU (AP) — In the months following a devastating incident where a…
  • NewsFinale Journal
  • December 29, 2025
NewsFinale Journal
  • Home
  • Terms and Conditions
  • Sitemap
  • DMCA
  • Advertise Here
  • Donate