Trump spending bill to cut taxes by $3.7T, add $2.4T to deficit, CBO says

President Donald Trump's "Big, Beautiful Bill" would cut taxes by $3.7 trillion while adding $2.4 trillion to the national debt, the Congressional Budget Office says.The CBO released its report on Trump's bill on Wednesday. The report also estimates that it would create an additional 10.9 million people without health insurance under the bill, including 1.4 million who are in the country without legal status in state-funded programs.Ahead of CBO’s release, the White House and Republican leaders criticized the budget office in a pre-emptive campaign designed to sow doubt in its findings.White House Press Secretary Karoline Leavitt said CBO has been "historically wrong" and Senate Majority Leader John Thune said the CBO was "flat wrong" because it underestimated the potential revenue from Trump’s first round of tax breaks in 2017. The CBO last year said receipts were $1.5 trillion or 5.6% greater than predicted, in large part because of the "burst of inflation" during the COVID-19 pandemic in 2021.The associated Press contributed to this report.This is a developing story. Check back soon for updates.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business