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CBO: GOP 'Big Beautiful Bill' Would Add $2.4 Trillion to Deficit, Leave Millions Uninsured
Credit: CNN Newsource
The Congressional Budget Office (CBO) says House Republicans’ ambitious tax and spending package—dubbed the “Big Beautiful Bill”—would increase the national deficit by $2.4 trillion over the next decade and leave nearly 11 million more people without health insurance by 2034.
The sweeping bill, narrowly passed by the House last month, includes permanent extensions of the 2017 Trump tax cuts and historic reductions to federal safety net programs like Medicaid and SNAP (food stamps). The CBO says the legislation would lower government revenue by nearly $3.7 trillion while cutting only $1.3 trillion in spending, leading to a major fiscal imbalance.
Including interest payments, the bill would add nearly $3 trillion to the national debt over 10 years, according to a letter from the CBO to Senate Budget Committee ranking member Sen. Jeff Merkley.
Among the most significant consequences:
10.9 million more people would be uninsured by 2034, largely due to cuts and new work requirements in Medicaid.
An additional 5.1 million would lose coverage due to the expiration of enhanced Affordable Care Act subsidies and changes to ACA enrollment rules.
The bill also increases funding for defense, border security, and immigration enforcement—top priorities for President Donald Trump.
Billionaire Elon Musk, who recently stepped away from his advisory role in the federal government, has criticized the legislation heavily. “Congress is making America bankrupt,” he posted on X, calling the bill a “disgusting abomination” filled with unnecessary spending.
Trump and House Republicans, including Majority Leader Steve Scalise, have attempted to discredit the CBO findings, arguing that the bill’s tax breaks would generate substantial economic growth and higher tax revenue. Scalise said the bill would usher in “economic growth in this country like we haven’t seen in generations.”
However, independent analysts disagree. Marc Goldwein of the Committee for a Responsible Federal Budget stated that even with positive economic effects, the bill would still significantly raise the deficit. “We’re left with the bill that, despite all these tough choices, still is adding dramatically to the debt,” Goldwein said.
Senate Majority Leader John Thune is working on a revised version of the bill, hoping to send it to President Trump’s desk by July 4. But internal GOP divisions over the size of cuts and the impact on Medicaid may make that timeline difficult.
“This would be the biggest rollback in federal support for health care ever,” said Larry Levitt of the nonpartisan KFF.
Democrats quickly condemned the bill’s projected impact. “It’s shocking House Republicans rushed to vote on this bill without an accounting from CBO,” said Rep. Frank Pallone Jr., the top Democrat on the House Energy and Commerce Committee.
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Credit: CNN Newsource
By: CNN Newsource
June 5, 2025
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