The House-passed version of President Trump’s tax cut and domestic policy bill would add $3.3 trillion to the national debt, even when accounting for its impact on economic growth, according to an analysis released Tuesday by the Congressional Budget Office (CBO).
CBO’s “dynamic” estimate, which factors in how the bill’s policies would affect economic growth, found that the One Big Beautiful Bill Act would add $3.3 trillion to the national debt by the end of 2034. The national debt, currently north of $36 trillion, would equal 125 percent of gross domestic product (GDP) by 2034.
CBO said the bill would increase GDP by just 0.5 percent over the span of that decade.
CBO Director Phillip Swagel said the bill’s economic effects would increase deficits and interest rates, leading to an on-net increase in the national debt. Trump’s tax cuts, among other measures, would lead to a $3.7 trillion decline in federal revenue over the next ten years.
The new CBO score comes as the House-passed bill faces several obstacles in the Senate, which is already plowing ahead with its own version of Trump’s policy bill. Republican senators have objected to issues including the overall cost of the bill, cuts to Medicaid and other health programs and tax provisions.
Republican leaders have set a deadline of July 4 to send a bill to Trump’s desk, but are likely to push the date amid disagreements among senators.
Trump and Republicans could face pressure to speed the process along this summer as the U.S. nears the debt limit, which the GOP plans to raise through the president’s landmark bill.
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