Overview

• Senators are finalizing the One Big Beautiful Bill Act and plan to use budget reconciliation to extend the 2017 tax cuts without Democratic support.
• GOP leaders have publicly attacked the CBO’s projection that the bill will add $2.4 trillion to the deficit, arguing it fails to account for growth driven by the cuts.
• A group of Senate Republicans intends to bypass longstanding precedent by writing their own tax score on the Senate floor before the vote.
• The CBO, established in 1974 and currently directed by Republican economist Phillip Swagel, achieved 99.5 percent accuracy on revenue projections for the 2017 tax cuts through 2019.
• Lawmakers remain divided over proposed spending cuts, state and local tax deduction limits and green energy credits as they race to finalize the legislation.