According to an analysis released Wednesday by the nonpartisan Congressional Budget Office (CBO), President Donald Trump’s big bill making its way through Congress will cut taxes by $3.7 trillion but also increase deficits by $2.4 trillion over the next decade, the Associated Press reports.
The CBO also estimates an increase of 10.9 million people without health insurance under the bill, including 1.4 million who are in the country without legal status in state-funded programs. The package would reduce federal outlays, or spending, by $1.3 trillion over that period, the budget office said.
The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by July 4. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page plus package.
Alongside the costs of the bill, the CBO had previously estimated that 8.6 million people would no longer have health care and 4 million fewer would have food stamps each month due to the legislation’s proposed changes to Medicaid and other programs.
All told, the package seeks to extend the individual income tax breaks that had been approved in 2017, but will expire in December if Congress fails to act, while adding new ones, including no taxes on tips. It also includes a massive buildup of $350 billion for border security, deportations and national security.
