CBO Projects Trump’s Budget Proposal Could Deepen Deficit
(MENAFN) A recent analysis by the Congressional Budget Office (CBO) projects that President Donald Trump’s sweeping tax and budget proposal could deepen the U.S. deficit by $2.8 trillion over the coming decade.
Dubbed the "One Big Beautiful Bill Act," the legislation represents a cornerstone of the Trump administration’s policy agenda. The proposal merges initiatives on tax reform, border security, and emerging technologies like artificial intelligence.
The financial implications of the bill have ignited fierce political clashes, with critics arguing the plan fails to offset its own costs.
"It's not only not paying for all of itself, it's not paying for any of itself," stated Marc Goldwein, Senior Vice President and Policy Director, Committee for a Responsible Federal Budget.
The CBO's June 12 report also highlights the bill’s disproportionate economic impact across income groups. The poorest Americans are projected to lose roughly $1,600 annually, while the wealthiest households could gain an average of $12,000 each year.
The forecast has drawn backlash from several high-profile Republicans who questioned the CBO's accuracy and impartiality.
"The CBO is notorious for getting things wrong," stated House Speaker Mike Johnson.
"Absurd," noted White House Press Secretary Karoline Leavitt, referring to the CBO's projections.
Despite mounting concerns, Trump is pushing for congressional approval of the bill by July 4, setting the stage for intensified partisan debate as lawmakers weigh the economic risks against the administration’s legislative ambitions.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
