A sweeping GOP bill to enact President Donald Trump’s agenda that passed the House last month would add more than $2.4 trillion to the national debt by 2034, according to an estimate by the nonpartisan Congressional Budget Office (CBO) released on June 4.
The legislation, called the One Big Beautiful Bill Act, would make the 2017 tax cuts permanent, raise the debt ceiling by $4 trillion, and include provisions related to securing the border and unleashing American energy. It includes no taxes on tips or overtime and would tax university endowments at certain thresholds. It is now pending before the Senate.
The bill would add an estimated $1.75 trillion through 2029, according to the CBO.
House Majority Leader Steve Scalise (R-La.) dismissed the CBO estimate.
