By Matt Durr
mlive.com
(TNS)
WASHINGTON — Millions of Americans are expected to lose health insurance and the deficit will explode if President Donald Trump’s “big, beautiful bill” passes, according to an analysis of the bill.
On Wednesday, the nonpartisan Congressional Budget Office released a report outlining the anticipated costs of the “One Big Beautiful Bill Act.” According to the Associated Press, the report found taxes will be cut by roughly $3.75 trillion but it will add $2.4 trillion to the overall deficit over the next decade.
The tax cuts will be paid for by making massive reductions in federal spending, including significant cuts to social programs like Medicaid, the Supplemental Nutrition Assistance Program (SNAP), and more.
The CBO found those cuts are likely to result in 10.9 million people being without health insurance by 2034. That includes an estimated 1.4 million people who do not have legal status in the U.S.
“Republicans cry crocodile tears over the debt when Democrats are in charge—but explode it when they’re in power,” said Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee.
The bill will also allow for a $4 trillion increase to the nation’s debt limit, which currently sits at $36 trillion. The increase would allow the federal government to borrow more money. The Treasury anticipates the debt limit will need to be increased this summer in order for the government to pay its bills.
Prior to the CBO’s release of the report, Senate Majority Leader John Thune and White House Press Secretary Karoline Leavitt criticized the office. Leavitt accused CBO employees of being biased, while Thune said the office was “flat wrong” after it underestimated the potential revenue from the tax cuts Trump pushed for in 2017 during his first term.
The CBO says the receipts were larger than predicted because of the “burst of inflation” during the COVID-19 pandemic in 2021, according to the AP.
Those 2017 tax cuts are set to expire in December unless Congress approves a new bill.
A version of the “One Big Beautiful Bill Act” passed in the House of Representatives last month, with no Democrats voting in favor of the bill. It was then passed to the Republican-controlled Senate, where it has faced major resistance from some Republicans who question how much it will add to the deficit.
- Related article: House Passes Sweeping ‘Big, Beautiful Bill’ After Weeks of Arm-Twisting
- Related article: Senate Republicans Vow Changes to Trump Tax-and-Spending Megabill
- Related article: SALT Write-Off, Harvard Tax, Medicaid Cuts: What’s in Trump’s Bill
Kentucky Sen. Rand Paul has openly criticized the bill and on Tuesday publicly sided with former presidential advisor Elon Musk’s criticisms. Musk called the bill a “disgusting abomination” in a social media post and shamed Republicans for voting for it.
- Related article: Elon Musk Goes Off Again on Trump’s Big, Beautiful ‘Pork-Filled’ Bill
- Related article: GOP Leaders Push Back on Musk ‘Abomination’ Criticism of Trump Tax Bill
Musk served as a special White House employee for several months, heading up the Department of Government Efficiency (DOGE) before formally leaving his post last week. Along with the criticism issued Tuesday, Musk has also said he feels the bill undermines the work he did at DOGE.
Despite the resistance in his own party, Trump called on Senate Republicans Monday to get the bill on his desk by July 4.
Photo caption: Rep. Lisa McClain (R-MI) speaks during a press conference after the House of Representatives passed the One Big Beautiful Bill Act on May 22, 2025.
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©2025 Advance Local Media LLC. Visit mlive.com. Distributed by Tribune Content Agency LLC.
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