Trump’s ‘Big Beautiful Bill’ Will Increase the Deficit by $2.8 Trillion, CBO Projects

The latest version of the One Big Beautiful Bill Act, the legislation central to implementing President Donald Trump’s agenda, could increase the federal deficit by nearly $2.8 trillion by 2034, according to the latest estimates.  That news comes from the nonpartisan Congressional Budget Office (CBO), which advises Congress on the budgetary impact of proposed laws.  The latest increase estimate, released on June 17, was increased from the estimate of $2.4 trillion made two weeks ago.  The previous estimate accounted for changes in revenue and spending but did not predict how the bill would affect the U.S. economy, according to the CBO statement. After a more lengthy analysis that included a projection of economic growth, changes in interest rates, and inflation, the CBO issued its revised 10-year projection. ...