The One Big Beautiful Bill Act will increase the U.S. deficit by $3.4 trillion over the next 10 years, the Congressional Budget Office said today, revising its previous calculations based on the final content of the bill.
The nonpartisan group, which provides financial information to Congress, estimated that the original House version of the bill would increase the deficit by $2.8 trillion from 2025 through 2034.
When the Senate amended the House version, the Congressional Budget Office (CBO) revised its estimate to $3.3 trillion on June 29.
The bill will decrease spending by $1.1 trillion, the CBO said, but will also decrease revenue by $4.5 trillion.
President Donald Trump signed the legislation on July 4, seeing it as critical to implementing his second-term agenda….