CBO says Republican megabill will add $2.4 trillion to deficit
The Congressional Budget Office (CBO) has reported that the “One Big Beautiful Bill Act,” recently passed by House Republicans, is projected to increase the federal deficit by $2.4 trillion. This assessment comes following a detailed markup and debate process within Congress. The CBO’s findings are likely to be utilized by Democrats to argue against Republicans’ fiscal obligation, while some Republicans may contest the validity of the CBO’s projections, citing previous inaccuracies.
Supporters of the bill, like House Speaker Mike Johnson, assert that the legislation will not contribute to the national debt, claiming that the economic growth fueled by tax cuts will offset any increase in deficits. However, budget experts have challenged this perspective. They advocate for a focus on savings rather than new borrowing. The bill will now move to the Senate, where amendments and potential spending cuts are anticipated, which could alter the CBO’s deficit projections.
CBO says Republican megabill will add $2.4 trillion to deficit
The Congressional Budget Office said on Wednesday that Republicans’ One Big Beautiful Bill Act will add $2.4 trillion to the deficit.
The numbers released Wednesday are the first from Congress’s nonpartisan scorekeeper on the full bill House Republicans passed last month after a marathon of markups and debate.
The new CBO numbers will be fodder for Democrats, who have attacked Republicans for being fiscally irresponsible and adding to the debt. Many Republicans will likely cast doubt on the CBO finding, arguing that the office has a poor track record and might not be accurate in its projections.
Many conservatives are receptive to the argument that an extension of tax cuts should not be deemed an addition to deficits. That is because they believe that the economic growth sparked by the tax cuts and other provisions will offset any deficit hits.
One of those people is House Speaker Mike Johnson (R-LA), who shepherded the massive legislative bill through the House, holding meetings with competing factions to reach an agreement that narrowly passed.
“It’s not going to add to the debt,” Johnson said over the weekend on NBC’s Meet the Press.
But budget experts have pushed back against those arguments from Republicans.
“So there’s zero question that the current form of the bill adds too much to the debt — we shouldn’t be talking about trillions in new borrowing, we should be talking about trillions in savings,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told the Washington Examiner ahead of the CBO release.
HAWLEY PUSHES FOR $5,000 CHILD TAX CREDIT IN GOP TAX BILL
The sweeping tax legislation now heads to the Senate, where senators will get a chance to amend the reconciliation bill.
It is unclear how much the Senate will change, or how that would change its CBO score, but some senators have made it clear they want to include more spending cuts.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
Auto Amazon Links: Could not resolve the given unit type, . Please be sure to update the auto-insert definition if you have deleted the unit.