Estimates released Wednesday by the nonpartisan Congressional Budget Office show that the House-passed GOP reconciliation package would add a staggering $2.4 trillion to the U.S. national debt over the next decade, even after accounting for the legislation's unprecedented cuts to Medicaid and federal nutrition assistance.
According to the CBO, the Republican budget legislation would slash taxes by $3.75 trillion—with the benefits disproportionately flowing to the rich. The massive debt impact of the tax cuts would be partially—but not even close to fully—offset by the bill's attacks on Medicaid, the Affordable Care Act (ACA), the Supplemental Nutrition Assistance Program (SNAP), and green energy programs.
The CBO projects that 10.9 million people would lose health insurance if the Trump-backed Republican proposal becomes law.
"The GOP is cutting taxes for the ultra-wealthy by so much that even though they're booting nearly 11 million people off their healthcare (and will be 16 million because they're also ending the ACA tax credits), their big beautiful bill still adds $2.4 trillion to the deficit," Annie Shoup, communications director for the advocacy group Protect Our Care, said in response to the new CBO figures.
"Despite Trump and congressional Republicans' attempts to distort the truth, their 'big, beautiful betrayal' will add trillions to the debt while making healthcare more expensive and difficult to access."
The fresh numbers added fuel to criticism of the legislation as an unmitigated disaster for everyone except the mega-rich and an unparalleled upward redistribution of wealth.
"Even after the biggest cuts to healthcare and food assistance in U.S. history, the Republican bill for billionaires would still add a historic amount to our debt—all to give the ultra-rich more tax breaks," said Rep. Brendan Boyle (D-Pa.), the top Democrat on the House Budget Committee.
"Republicans cry crocodile tears over the debt when Democrats are in charge—but explode it when they're in power," Boyle said. "The Republican debt crisis will destabilize the economy and drive up mortgage rates, car loans, and credit card bills—making life more expensive for everyone."
Boyle went on to echo billionaire Elon Musk's description of the bill as a "disgusting abomination." Musk, who left the White House late last month after overseeing a destructive assault on federal agencies that continues in the present, complained in a post on his social media platform Tuesday that the Republican legislation would "massively increase the already gigantic budget deficit."
The CBO's estimate of the Republican bill's deficit impact does not take into account the potential macroeconomic impacts of the GOP's proposed tax cuts. But the Joint Committee on Taxation said last month that those impacts would be minor, boosting the nation's average annual economic growth by 0.03 percentage points over the next decade.
In response to recent unfavorable CBO projections, Republicans and the Trump White House have tried to discredit the nonpartisan body by falsely claiming it is overrun by and biased in favor of Democrats—even though the current director is a Republican whom one leading GOP lawmaker previously praised for his "objectivity and integrity."
"Despite Trump and congressional Republicans' attempts to distort the truth, their 'big, beautiful betrayal' will add trillions to the debt while making healthcare more expensive and difficult to access for millions of children, seniors in nursing homes, and their communities, all to pay for tax giveaways to their billionaire donors," Accountable.US executive director Tony Carrk said in a statement Wednesday.
"If the Senate Republicans that have been vocal in their opposition to cuts to Medicaid and other critical programs are true to their word, they will vote against this bill—anything else would be a betrayal of their promise to their constituents," Carrk added.