The Congressional Budget Office (CBO) released a report indicating that President Trump's tax bill would cut taxes by $3.75 trillion but increase deficits by $2.4 trillion over the next decade. Furthermore, it projects that by 2034, 10.9 million additional people could be uninsured. The budget office also forecasts a reduction in federal spending by almost $1.3 trillion. In response, Republican leaders and the White House preemptively criticized the CBO’s findings, questioning its accuracy as Trump pushes the bill towards rapid approval.
In the words of Elon Musk, this bill is a 'disgusting abomination,' said Rep. Brendan Boyle of Pennsylvania, reviving the billionaire former Trump aide's criticism of the package.
The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by the Fourth of July.
White House press secretary Karoline Leavitt said the CBO has been 'historically wrong,' and Senate Majority Leader John Thune said the CBO was 'flat wrong' because it underestimates the impact of the bill.
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