The nonpartisan Congressional Budget Office's analysis of President Trump's tax bill reveals significant financial implications, estimating a $3.3 trillion increase in the deficit from 2025-2034. This marks a nearly $1 trillion increase compared to the House-passed version. Additionally, 11.8 million Americans are projected to lose health insurance by 2034 under this bill. The report complicates Republican efforts to pass the legislation by the July 4th deadline amidst internal disagreements over Medicaid and food program cuts necessary to fund tax breaks from Trump’s first term.
The Congressional Budget Office estimates that the Senate tax bill would increase the deficit by nearly $3.3 trillion from 2025 to 2034, exacerbating the national debt.
The analysis revealed that 11.8 million more Americans would become uninsured by 2034 if the tax bill becomes law, a concern amidst GOP discussions.
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