President Trump’s bill, nicknamed the “one, big, beautiful bill,” could send U.S. debt higher by $3.8 trillion over the next ten years, according to a report from the Congressional Budget Office. That would mark an increase of over 10% from the current federal debt amount of $36.2 trillion.
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The bill seeks to make Trump’s 2017 tax cuts permanent, providing tax breaks on tips and overtime work among other measures. It will also provide the largest tax cut in American history with those making between $30,000 and $80,000 paying around 15% less in taxes, said the White House.
Trump’s Bill Faces Steep Opposition
Opponents of the bill argue that its tax breaks will overwhelm any of its savings measures. It could also strip funds away from key programs, such as Social Security, education, and infrastructure, as the U.S. will need to service its interest payments on higher debt.
Trump’s allies deny that the bill will increase the federal deficit. “In fact, according to the Council of Economic Advisers, there’s $1.6 trillion worth of savings in this bill — that’s the largest saving for any legislation that has ever passed Capitol Hill in our nation’s history,” said White House spokeswoman Karoline Leavitt.
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