Overview

• The CBO’s June 4 estimate projects that the tax-cut bill will add $2.4 trillion to the federal debt over the next decade.
• The analysis forecasts $3.7 trillion in tax cuts and notes that late amendments reduced the deficit impact from a prior $3.8 trillion projection.
• The legislation would extend President Trump’s 2017 tax cuts while imposing steep spending cuts, largely on a healthcare program for low-income Americans.
• The White House and GOP leaders have questioned the CBO’s methodology, and figures such as Elon Musk have publicly criticized the measure.
• Having passed the House on May 22 without Democratic support, the bill now faces Senate consideration amid intensifying fiscal debates.