Senate Version of GOP Megabill Will Increase US Debt by $3.3 Trillion, CBO Projects

The White House has suggested that increases in economic growth from the tax cuts will offset any increases to the deficit from a reduction in tax revenue.

The U.S. Capitol building in Washington on June 25, 2025. Madalina Kilroy/The Epoch Times

The latest version of the budget bill that the Senate is considering will add trillions to the national debt, the Congressional Budget Office (CBO) said in an analysis posted on June 29.

The CBO estimates that the Senate version of the Republican-led One Big Beautiful Bill Act will increase the deficit by almost $3.3 trillion from 2025 to 2034.