Trump-Backed Senate Tax Plan Could Add $3.3 Trillion To National Deficit By 2034, CBO Says

The Congressional Budget Office projects that the Senate version of Trump’s proposed tax bill would add $3.3 trillion to the national deficit by 2034, according to AP. This is nearly $1 trillion more than the House-passed version. The analysis also found that 11.8 million more Americans would become uninsured if the bill were to become law, up from 10.9 million under the House version. Republicans were already divided over the bill before the CBO’s estimate, with some opposing cuts to Medicaid and food aid while others demanded deeper reductions. The proposed cuts aim to offset the cost of extending $3.8 trillion in tax breaks from the Trump era.