The Congressional Budget Office (CBO) estimates that President Donald Trump’s spending package, addressing issues such as tax policy, immigration, and other federal priorities, would add $3 trillion to the nation’s primary deficits over the next decade. The nonpartisan Committee for a Responsible Federal Budget (CRFB), a public policy organization, has endorsed the CBO’s projections, stating that the House-passed bill would increase deficits by over $2.4 trillion, with interest, or $5 trillion if temporary provisions are made permanent.
As of Wednesday, the U.S. national debt stood at $36.2 trillion, with a deficit of $1 trillion. The massive spending package, being considered by a Republican-controlled Congress, aims to address multiple issues, including tax policy, border security, defense, energy production, the debt limit, and adjustments to the Supplemental Nutrition Assistance Program (SNAP) and Medicaid. However, the legislation has sparked concern over its potential fiscal impact, with critics warning that the debt increase could strain the nation’s economic stability.
Despite passing in the House, the bill faces opposition from several lawmakers, including Senate Minority Leader Rand Paul, R-Ky., who argues that raising the debt ceiling without addressing the underlying fiscal issues could delay necessary reforms. Top Democrats have also expressed concerns over the bill’s impact on federal healthcare, estimating that the legislation could lead to the deaths of an estimated 51,000 Americans. Additionally, Elon Musk, former head of the Department of Government Efficiency, has voiced opposition to the bill, further highlighting the debate over its economic and social consequences.
Experts warn that the bill’s tax cuts and spending measures could lead to higher inflation and interest rates, while also complicating the tax code and potentially undermining long-term economic growth. The CRFB has urged the Senate to make the legislation ‘more responsible,’ emphasizing the need for fiscal discipline in shaping future fiscal policies. The debate over Trump’s ‘big, beautiful bill’ reflects broader concerns about the U.S. fiscal trajectory and the challenges of balancing economic growth with responsible fiscal management.