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
Volunteering with children can build character and create lasting family memories
  • Local News

How Volunteering with Kids Boosts Character and Strengthens Family Bonds

NEW YORK (AP) — When Cami Teacoach’s son celebrated his third birthday,…
  • NewsFinale Journal
  • December 28, 2025
UPDATE: ECHL and players association reach tentative agreement to resume hockey play
  • Local News

Breaking: ECHL and Players’ Association Reach Tentative Agreement to Resume Hockey Season

In Savannah, Georgia, the Enmarket Arena fell silent for a brief 24-hour…
  • NewsFinale Journal
  • December 28, 2025
Restoration groups not giving up on Nolichucky River cleanup
  • Local News

Dedicated Restoration Teams Persist in Efforts to Revitalize Nolichucky River

In a concerted effort to rejuvenate the Nolichucky River, dedicated restoration teams…
  • NewsFinale Journal
  • December 28, 2025
Chinese military to stage drills around Taiwan to warn 'external forces' after US, Japan tensions
  • Local News

China Conducts Strategic Military Drills Near Taiwan Amid Escalating US-Japan Tensions

HONG KONG – In a significant display of military might, China’s armed…
  • NewsFinale Journal
  • December 29, 2025
Storm Team 3: Warm & breezy Monday, colder air returns for mid-week
  • Local News

Storm Team 3 Forecast: Mild and Breezy Start to the Week with a Mid-Week Temperature Drop

SAVANNAH, Ga. — Sunday brought mostly cloudy skies to Savannah, but temperatures…
  • NewsFinale Journal
  • December 29, 2025
2 killed in Sullivan Co. house fire identified as children
  • Local News

Tragic House Fire in Sullivan County Claims Lives of Two Young Children: What We Know

KINGSPORT, Tenn. (WJHL) — In a tragic incident on Thursday morning, two…
  • NewsFinale Journal
  • December 28, 2025
Georgia Southern looks to make history in Birmingham Bowl
  • Local News

Georgia Southern Aims for Historic Win at Birmingham Bowl

In the heart of Birmingham, Alabama, the Georgia Southern Eagles are on…
  • NewsFinale Journal
  • December 29, 2025
Central African Republic's incumbent president, a Russian ally, eyes a third term in key elections
  • Local News

Will Central African Republic’s Pro-Russia Leader Secure a Historic Third Term? Key Election Insights Revealed

BANGUI – On Sunday, citizens of the Central African Republic headed to…
  • NewsFinale Journal
  • December 28, 2025
Awkward moment Trump offers reporters free lunch at Mar-A-Lago
  • News

Trump’s Mar-a-Lago Lunch Offer Leaves Reporters Speechless: Is It a Bribe?

In a surprising moment, President Donald Trump left the White House Press…
  • NewsFinale Journal
  • December 29, 2025
Teacher "Executed" At Home: Unpacking the Love Triangle & Shocking Threats
  • Crime

Unveiling the Dark Secrets: Love Triangle and Sinister Threats Behind Teacher’s Tragic Home Execution

Desiree Sunford, a passionate middle school art teacher, harbored dreams of building…
  • NewsFinale Journal
  • December 29, 2025
More than 100 people infected with Legionnaires' Disease in New York City
  • AU

Legionnaires’ Disease Outbreak Escalates in Sydney CBD

A fourth case of potentially deadly Legionnaires’ disease has been reported in…
  • NewsFinale Journal
  • December 29, 2025
Awkward moment Trump offers reporters free lunch at Mar-A-Lago
  • US

Trump Surprises Reporters with Unexpected Lunch Invitation at Mar-A-Lago

In an unexpected moment that left the White House Press Corps momentarily…
  • NewsFinale Journal
  • December 29, 2025
NewsFinale Journal
  • Home
  • Terms and Conditions
  • Sitemap
  • DMCA
  • Advertise Here
  • Donate