Trump's 'Big, Beautiful Bill' Would Increase U.S. Deficit Over $2T, Report Reveals

What Happened?

Criticism surrounding President Donald Trump's 'big, beautiful bill' has recently grown following a newly released report that revealed a potential blow to the nation's future deficit.

According to an analysis released Wednesday by the nonpartisan Congressional Budget Office, Trump's domestic policy bill would increase the national debt deficit by $2.4 trillion over the next decade.

While the proposal would cut taxes by $3.7 trillion, the CBO estimates that 10.9 million more people would be without health insurance in 2034 as a result.

Most of the proposed insurance cuts would affect those enrolled in Medicaid plans that are covered under the Affordable Care Act.

The 1,000-page plus package would also reduce federal outlays, or spending, by $1.3 trillion over that period, the budget office added.

CBO's analysis comes during a critical moment for Trump as he aims to influence the Senate to have the final bill on his desk by July 4.

Established in 1974, the CBO provides objective, nonpartisan information to support the Congressional budget process.

Senate leaders will weigh heavily on the agency's detailed findings as the country looks to recover from further economic turmoil.

Why it Matters

The White House recently defended criticism of Trump's agenda after former advisor Elon Musk doubled down on strong remarks.

'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,' Musk said Tuesday on social platform X. 'Shame on those who voted for it: you know you did wrong.'

White House press secretary Karoline Leavitt, who addressed the media Tuesday, said that the president already knew where Musk stood on this bill.

'It doesn't change the president's opinion. This is one big, beautiful bill and he's sticking to it,' Leavitt stated.

It comes after Musk recently announced his departure as a special government employee for nearly 130 days.

Tasked with co-leading the Department of Government Efficiency (DOGE) in cutting federal government spending, Musk's departure was viewed by many as unceremonious.

In a clip that aired on CBS Sunday Morning, Musk said he was 'disappointed' to see the massive bill which essentially increases the budget deficit.

It marked a pivotal moment for Musk and Trump, who had been viewed in the public eye as being on the same page regarding federal spending objectives.

Musk, a major donor of Trump's presidential campaign, reportedly expressed added frustration about the bill that would cut the electric vehicle tax credit.

A tax credit his company Tesla has reportedly become vocal about.

Musk shared a recent post from Sen. Rand Paul of Kentucky that expressed similar concerns regarding the future state of the U.S. economy.

'I oppose deficit spending—no matter which party is in charge. If we don’t get serious about reigning in the debt, the next generation will pay the price,' Paul told reporters. 'Fiscal responsibility isn’t a campaign slogan. It’s a duty which I take very seriously.'

How it Affects You

Other conservatives like Sen. Mike Lee of Utah and Gov. Ron DeSantis of Florida have fueled a 'codifying' campaign in support of amplifying DOGE's mission.

It builds up anticipation in the Senate as they prepare to review options.

GOP House members have been overly mindful since their latest draft narrowly passed by one vote.

House Speaker Mike Johnson had made a previous plea to Senate leaders for as few cuts as possible.

However, many are backing DOGE and newly released data which may signify expected changes to prevent further U.S. debt deficit.