CBO: Trump's budget would kick 11 million people off healthcare, add $2.4 trillion to deficit
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https://apnews.com/article/cbo-deficits ... 45c1ca73d1
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WASHINGTON (AP) — President Donald Trump’s big bill making its way through Congress will cut taxes by $3.75 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office.
The CBO also estimates an increase of 10.9 million people without health insurance under the bill by 2034, including 1.4 million who are in the United States without legal status in state-funded programs.
The package would reduce federal outlays, or spending, by nearly $1.3 trillion over that period, the budget office said.
“In the words of Elon Musk, this bill is a ‘disgusting abomination,’” said Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee, reviving the billionaire former Trump aide’s criticism of the package.
House Speaker Mike Johnson said he called Musk late Tuesday to discuss the criticism but had not heard back. “I hope he comes around,” Johnson told reporters.
The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by the Fourth of July. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page-plus package.
Ahead of the CBO’s release, the White House and Republican leaders criticized the budget office in a preemptive campaign designed to sow doubt in its findings.
White House press secretary Karoline Leavitt said the CBO has been “historically wrong,” and Senate Majority Leader John Thune said the CBO was “flat wrong” because it underestimated the potential revenue growth 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 high inflation” during the COVID-19 pandemic in 2021.
