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It is estimated that President Donald Trump’s “big and beautiful bill” is expected to increase debt by $3 trillion, if any, interest or $5 trillion.
The non-partisan Congressional Budget Office (CBO) project estimates that the well-known bill will increase more than $2.4 trillion in interest, according to the non-profit public policy organization’s committee in charge of the Federal Budget (CRFB).
According to the U.S. Treasury Department, the national debt of U.S. creditors was measured as $36.2 trillion, and the national deficit incurred when federal spending exceeded its revenue was $1 trillion.
The massive spending plan considered by the Republican-controlled Congress is designed to address many issues, including tax policy, border security and immigration, defense, energy production, debt restrictions, and adjustments to snapshots and Medicaid.
Trump's “big and beautiful bill” faces Republican senators' boycott of debt concerns
The White House has launched a new website that lists how much a “big and beautiful bill” is expected to save Americans. The Public Policy Team estimates that the bill will increase debt by trillions of dollars, according to estimates from the Congressional Budget Office. (White House)
“According to the CBO's estimates, the House bill includes approximately $5.3 trillion in tax cuts and expenditures partially offsets $2.9 trillion in revenue increase and cuts in spending,” the CRFB statement said. “Most importantly, the policy proposed by the Committee through the Way and Means will increase $3.8 trillion, while the energy and business title policy will reduce the deficit by $11 trillion. If interest is available, the bill will increase nearly $3.0 trillion in 2034-or $500 million in debt, if multiple temporary payments are made.”
“The OBBBA (a large beautiful bill bill) will add too much debt to written debt and could result in greater fiscal losses than the report that extended provisional provisions as expected,” the group said.
It noted that the bill would increase near-term inflation, raise interest rates, increase unnecessary complexity of tax laws, and weaken market confidence and long-term economic growth.
It urged the Senate to make the bill “more responsible.”
Price tag for Housing Republican Tax Kit is estimated to rise to $3.94T
R-Ky. Senator Rand Paul said Monday that despite discussions with him, he still opposes President Donald Trump's “big and beautiful bill.” (Getty Image)
Despite the bill passing the House, some members of the law oppose the legislation, most notably Senator Rand Paul (R-Ky).
“We never raised the debt ceiling without really achieving the goal,” Paul told reporters this week. “So you can say it won't directly increase the debt, but if you add the cap of $5 trillion, you'll run into it. What it does is to keep it out. Then, we won't talk about it for a year or two.”
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Democrats recently said the bill would kill approximately 51,000 Americans due to changes in the federal health system and broader settlement legislation. Elon Musk, former head of Trump's administration's efficiency department, also opposed the bill.
Fox News Digital has contacted the White House.
