A significant bill is moving through Congress. It aims to cut taxes by $3. 75 trillion. However, it could increase the deficit by $2. 4 trillion over the next ten years. This is according to the Congressional Budget Office (CBO). The CBO is a nonpartisan group that analyzes the budget.

The bill could also lead to 10. 9 million more people being uninsured by 2034. This includes 1. 4 million undocumented immigrants who rely on state-funded health programs. The bill would also reduce federal spending by almost $1. 3 trillion over the same period.

The bill, known as the One Big Beautiful Bill Act, is a top priority for Republicans. They control both the House and the Senate. Democrats, however, strongly oppose it. They call it Trump’s “big, ugly bill. ”

The bill seeks to extend individual income tax breaks from 2017. It also adds new tax breaks, such as no taxes on tips. It includes a $350 billion boost for border security, deportations, and national security. To cover the lost revenue, Republicans propose cutting federal spending. They want to phase out green energy tax breaks from the Biden administration. They also propose new work requirements for some adults on Medicaid and SNAP.

Republicans argue that these changes will make Medicaid and other programs stronger. They claim it will reduce waste, fraud, and abuse. However, Democrats disagree. They say these changes are just a way to repeal and replace the Affordable Care Act. They accuse Republicans of trying to strangle health care.

The bill also includes a $4 trillion increase to the nation’s debt limit. This is to allow more borrowing. The Treasury Department expects the debt limit to need raising this summer. The bill is moving through Congress. It faces stiff opposition from Democrats. The CBO’s analysis will be crucial. Lawmakers will use it to understand the budgetary impacts of the bill.

The CBO has been around for 50 years. It was set up by law to provide Congress with objective, impartial information. It has around 275 economists and analysts. They work to provide Congress with the information they need to make budgetary decisions.

The CBO’s director, Phillip Swagel, was reappointed in 2023. He is a former Treasury official. He worked in the George W. Bush administration. The CBO’s analysis will be key. Lawmakers will use it to understand the bill’s budgetary impacts. The bill’s future is uncertain. It faces stiff opposition from Democrats. The CBO’s analysis will be crucial. Lawmakers will use it to understand the bill’s budgetary impacts.

BUDGET DEFICIT INCREASE

The Bill That Could Leave Millions Without Health Coverage

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